On Thursday, to advance its copper project, India’s Adani Enterprises announced that its subsidiary, Kutch Copper Ltd. (KCL), has signed a non-binding agreement with Australia’s Caravel Minerals.
The MoU gives Kutch Copper exclusive rights to negotiate the purchase of up to 100% of the copper concentrate from the Caravel project. In the initial years, annual payable copper production is expected to range from 62,000 to 71,000 tonnes.
The collaboration plans to commit A$1.7 billion in initial capital expenditure, according to the agreement, with KCL reserving the option to participate in direct equity or project-level investments.
The Indian conglomerate’s $1.2 billion Kutch Copper plant in Gujarat is the world’s largest single-site facility of its kind. It has also applied to be recognized as a copper-producing brand on the London Metal Exchange.
A significant step toward supporting critical mineral supply chains, global copper demand is expected to increase by 50% by 2040, according to the Adani Group.
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Furthermore, to encourage cross-border resource development and workforce skill enhancement, partnerships utilize the free trade agreement between India and Australia.
