Caravel Minerals Ltd has announced the signing of a non-binding Memorandum of Understanding (MoU) with Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises, to collaborate on the Caravel Copper Project in Western Australia’s Murchison region.
The MoU outlines efforts to explore investment and offtake opportunities to expedite the project’s development towards a Final Investment Decision (FID) anticipated in 2026. Additionally, it establishes an exclusive framework for negotiating a life-of-mine offtake agreement that could cover up to 100% of Caravel’s copper concentrate output, estimated to range from 62,000 to 71,000 tonnes of payable copper annually in the initial production years. This copper concentrate would be directed to KCL’s USD 1.2 billion (AUD 1.8 billion) Kutch Copper Smelter, the largest single-location copper facility globally, located in Gujarat.
Strategically positioned about 150 km northeast of Perth, Caravel’s Copper Project is recognized as one of Australia’s largest undeveloped copper resources, with a projected mine life exceeding 25 years and an estimated 1.3 million tonnes of payable copper reserves. Vinay Prakash, CEO of Adani Natural Resources, noted, “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.”
Don Hyma, Managing Director of Caravel Minerals Limited, remarked, “This collaboration with Adani’s Kutch Copper marks a pivotal step in realizing the full potential of the Caravel Copper Project. 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.”
As part of the agreement, KCL has been granted first rights for direct equity or project-level investments throughout the term of the MoU. The agreement also specifies joint workstreams, including co-engineering initiatives to optimize product specifications for Kutch Copper’s downstream facilities, joint procurement efforts to accelerate delivery schedules, and leveraging the India-Australia Free Trade Agreement (FTA) to enhance cross-border resource development and workforce skill enhancement.
Published on November 6, 2025.
