Name of the Project
Caravel copper project.

Location
In the Wheatbelt of Western Australia.

Project Owner/s
Exploration and minerals development company Caravel Minerals.

Project Description
The Caravel project is based on a conventional openpit, owner-operated bulk mining operation with a very low strip ratio. Combined with the project’s locational advantages of grid power, fibre-optic communications and the latest automation technologies, mining will be at a low cost over the more than 25-year life-of-mine (LoM).
Over the LoM, the project’s Bindi and Dasher deposits will produce 715-million tonnes of ore at an average grade of 0.24% and a strip ratio of 1.3:1. 

The project will have a processing capacity of 30-million tonnes a year, delivering yearly copper-in-concentrate production of 71 000 t for the first five years of operations, and average production of about 65 000 t/y of copper-in-concentrate and about 900 t of molybdenum-in-concentrate a year over the LoM.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
A study, which will provide key inputs for the definitive feasibility study (DFS) is expected to be completed in the first quarter of 2026. The DFS is expected to be released in about mid-2026.

Latest Developments
Caravel Minerals has signed a nonbinding memorandum of understanding (MoU) with Kutch Copper, a subsidiary of Adani Enterprises, to advance the project towards a final investment decision in 2026.

Under the MoU, the parties will collaborate on potential project funding and development, including the negotiation of a life-of-mine offtake agreement of up to 100% of copper concentrate. Kutch Copper may also invest directly in Caravel or at project level, subject to due diligence.

The companies plan to cooperate on engineering, product specifications for Adani’s Kutch Copper smelter, in India, and procurement strategies to accelerate project delivery.
Caravel has said the agreement supports its broader financing strategy, which includes working with leading banks and exploring export credit agency- (ECA-) supported solutions alongside traditional debt and equity.

Caravel recently released its inaugural sustainability report, underscoring its environmental, social and governance credentials and enhancing engagement with ECAs. In 2023, Denmark’s Export and Investment Fund issued a letter of interest for potential ECA financing linked to Danish equipment suppliers.

Key Contracts, Suppliers and Consultants
Ausenco (engineers to the PFS).

Contact Details for Project Information
Caravel Minerals, +61 8 9426 6400 or email investors@caravelminerals.com.au.