Ahmedabad, 6 November (IANS). Caravel Minerals on Thursday announced that the company has signed a non-binding MoU with Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Limited (AEL). This will pave the way for a strategic collaboration between the two companies on the major Caravel Copper Project in the Murchison region of Western Australia.
Under the agreement, the companies will explore investment and offtake opportunities to accelerate the development of the project towards a final investment decision (FID) in 2026, combining Caravel’s world class resources with Adani’s smelting, processing and logistics capabilities.
The companies further said the MoU outlines collaborative working practices, including co-engineering to optimize product specifications for Kutch Copper’s downstream facilities, joint procurement to fast-track delivery schedules and cross-border resource development and leveraging the India-Australia FTA (Free Trade Agreement) to boost workforce skills.
Dr. Vinay Prakash, Chief Executive Officer, Natural Resources Division, Adani said, “Copper is the backbone of the global energy transition and our partnership with Caravel Minerals strengthens the role of India and Australia in building a strong and responsible supply chain for this important metal.”
He further added, “With its world class infrastructure and ESG standards, Kutch Copper is delighted to partner with Caravel to build a model of sustainable value creation across continents.”
The Caravel Copper Project is located approximately 150 kilometers north-east of Perth. One of Australia’s largest undeveloped copper resources, with a potential mine life of over 25 years and an estimated 1.3 million tonnes of payable copper. The project’s all-in sustaining cost (AISC) is estimated at US$2.07 per pound, making it one of the lowest cost producers globally.
Under the agreement, KCL has been given the first right to participate in direct equity or project-level investment during the period of the MoU. The agreement follows an initial capital expenditure of A$1.7 billion and is designed to support phased development.
–IANS
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