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Kutch Copper (KCL) has signed a deal with Australia’s Caravel Minerals to speed up the development of a copper mining project.
Kutch Copper, a subsidiary of Adani Enterprises, produces refined copper to support India’s renewable energy, EV, and power infrastructure growth.
The deets: the project is expected to cost around $1.1 billion. KCL will get the first opportunity to buy a share or invest directly in the project during the agreement period.
This deal will also allow KCL to purchase nearly all the copper produced by Caravel’s mine, which is approximately 62,000-71,000 tonnes per year at the outset.
This copper will be sent directly to Adani’s new $1.2 billion smelter in Gujarat, which is the world's largest copper plant at one location.
FYI: the unit has also applied to become a listed copper-producing brand on the London Metal Exchange.
Big theme: global copper demand is set to jump nearly 50% by 2040, thanks to the rise of electric vehicles and renewable energy projects. In India, copper demand is also climbing fast.
By FY2030, sectors like construction, manufacturing, and power are expected to use about 3.24 million tonnes of copper.
