Adani Group’s Kutch Copper Ltd has officially announced that it has signed a non-binding memorandum of understanding (MoU) with Australia’s Caravel Minerals Ltd to collaborate on the latter’s copper project in Western Australia.

According to the deal, Adani-owned Kutch Copper will have the first rights to participate at the project level or as direct equity investments during the MoU term.

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The MoU provides a framework for investment cooperation and a potential life-of-mine offtake agreement, covering up to 100 per cent of the project’s copper concentrate output, which is estimated at around 71,000 tonnes of payable copper annually in the initial years, according to an Adani group statement.

The copper concentrate is expected to supply Kutch Copper’s USD 1.2 billion, based

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