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The deal marks an important step in a potential investment collaboration and a life-of-mine offtake up to 100 percent of copper concentrate output in Caravel’s flagship Caravel copper project in the Yilgarn Terrane region.
Located about 150 kilometres northeast of Perth, Caravel is expected to produce about 62,000 to 71,000 tonnes of payable copper annually. It has a potential mine life of over 25 years and an estimated 1.3 million tonnes of payable copper.
Should the transaction push through, concentrate from the Caravel project will be fed into Kutch Copper’s 500 kilo tonnes per annum smelter in India, the world’s largest single-location copper facility.
KCL also holds first rights to participate in direct equity or project-level investments during the term of the MoU.
“Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India’s and Australia’s role in building a resilient and responsible supply chain for this vital metal,” said Adani CEO, Natural Resources Vinay Prakash.
“Kutch Copper, with its world-class infrastructure and ESG standards, is delighted to align with Caravel to create a model of sustainable value creation across continents.”
Caravel and Kutch say that their discussions are aligned with the project’s AU$1.7 billion initial CAPEX and designed to support phased development.
“This collaboration marks a pivotal step in realising the full potential of the Caravel copper project,” said Caravel Managing Director Don Hyma. “It brings together complementary strengths —Adani’s downstream expertise and Caravel’s world-scale resource—under a shared vision for responsible, long-term copper production.”
According to the report, Caravel’s all-in sustaining cost is forecast at US$2.07 per pound, making it one of the lowest-cost producers in the world.
Considering Caravel’s resource and Adani’s smelting capacity, the project also posits a strategic move in terms of the global green metals transition, positioning India and Australia as key partners.
A final investment decision for Caravel is planned in 2026.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
