Caravel signs MoU with Adani for copper project collaboration
ASX-listed Caravel Minerals has signed a nonbinding memorandum of understanding (MoU) with Kutch Copper, a subsidiary of Adani Enterprises, to advance the Caravel copper project in Western Australia toward a final investment decision targeted for 2026.
Under the MoU, the parties will collaborate on potential project funding and development, including the negotiation of a life-of-mine offtake agreement for up to 100% of copper concentrate. Kutch Copper may also invest directly in Caravel or at the 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 aimed at accelerating project delivery.
Caravel 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.
“This collaboration with Adani’s Kutch Copper marks a pivotal step in realising the full potential of the Caravel copper project,” said Caravel MD Don Hyma. “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.”
Adani Natural Resources CEO Vinay Prakash said the partnership strengthened India’s and Australia’s roles in building a resilient and responsible copper supply chain.
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.
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