The agreement marks a significant step in a potential investment partnership and a mine life reduction to 100 percent of copper concentrate production at Caravel’s flagship Caravel copper project in the Yilgarn Terrane region.
Located approximately 150 kilometers northeast of Perth, caravel is expected to produce approximately 62,000 to 71,000 tons of payable copper annually. It has a potential mine life of more than 25 years and an estimated 1.3 million tonnes of payable copper.
Should the transaction go through, concentrate from the Caravel project will be fed to Kutch Copper’s 500 kiloton per annum smelter in India, the world’s largest single-site copper plant.
KCL also has first rights to participate in direct equity or project investments during the term of the MoU.
“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 resilient and responsible supply chain for this essential metal,” said Adani CEO, Natural Resources Vinay Prakash.
“Kutch Copper, with its world-class infrastructure and ESG standards, is excited to partner with Caravel to create a model of sustainable value creation across all continents.”
Caravel and Kutch say their discussions are in line with the project’s initial CAPEX of AU$1.7 billion and are intended to support phased development.
“This collaboration marks a critical step in realizing the full potential of the Caravel copper project,” said Caravel CEO Don Hyma. “It brings together complementary strengths – Adani’s downstream expertise and Caravel’s global resource base – under a shared vision for responsible copper production over the long term.”
According to the report, Caravel’s all-in maintenance costs are estimated at $2.07 per pound, making it one of the lowest-cost producers in the world.
Given Caravel’s resources and Adani’s smelting capacity, the project also represents a strategic step in terms of the global green metals transition, positioning India and Australia as key partners.
A final investment decision for Caravel is planned for 2026.
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Securities Disclosure: I, Gabrielle de la Cruz, have no direct investment interest in any company mentioned in this article.
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