Caravel Minerals has signed a non-binding memorandum of understanding (MoU) with Adani’s Kutch Copper, advancing the development of the Caravel copper project in Western Australia’s Murchison region.
The MoU establishes a framework for investment collaboration and a life-of-mine offtake agreement, potentially covering up to 100 per cent of Caravel’s copper concentrate output.
Early production is expected to yield 62,000–71,000 tonnes of payable copper per year, which would be supplied directly to KCL’s state-of-the-art 500-thousand-tonnes-per annum smelter in Gujarat, India, the world’s largest single-location copper facility.
“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,” Adani Natural Resources chief executive officer Vinay Prakash said.
“Kutch Copper, with its world-class infrastructure and ESG [environmental, social and governance] standards, is delighted to align with Caravel to create a model of sustainable value creation across continents.”
Caravel Minerals managing director Don Hyrma said the collaboration is a pivotal step in realising the full potential of the 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,” he said.
The Caravel project, located about 150km north-east of Perth, ranks among Australia’s largest undeveloped copper resources, with an estimated 1.3 million tonnes of payable copper and a mine life exceeding 25 years. Its all-in sustaining cost (AISC) is forecast at $US2.07 per pound, placing it among the lowest-cost producers in the world.
Under the MoU, Kutch Copper has first rights to participate in direct equity or project-level investments. Discussions are underway with top-tier banks, including Export Credit Agency-backed solutions for Danish equipment suppliers, traditional debt, equity raises, and innovative funding structures, such as streaming and royalties.
The partnership also aims to optimise product specifications for Kutch Copper’s downstream facilities, co-engineer procurement schedules, and leverage the Australia–India free trade agreement to promote cross-border resource development and workforce skilling.
With global copper demand projected to surge by 50 per cent by 2040, the Caravel–Kutch collaboration is positioned to play a critical role in the green metals supply chain while driving sustainable economic growth for Australia and India.
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