Caravel Minerals Ltd announced that it signed an MoU with Kutch Copper Ltd, a subsidiary of Adani Enterprises, to pursue a strategic partnership on the Caravel Copper Project in Western Australia’s Murchison region. Under the agreement, Kutch Copper gains exclusive rights to negotiate a life-of-mine offtake deal for up to 100% of Caravel’s copper concentrate, expected to reach 62,000–71,000 tons of payable copper annually. The concentrate would supply Kutch Copper’s US$1.2 billion smelter in Gujarat, the world’s largest single-location copper facility.

The collaboration aims to accelerate progress toward a Final Investment Decision (FID) in 2026 by combining Caravel’s copper-rich resource with Adani’s smelting, processing, and logistics expertise. Caravel’s project, one of Australia’s biggest undeveloped copper resources with a 25-year mine life and a forecast all-in sustaining cost of US$2.07 per pound, is projected to be among the lowest-cost global producers.