India: Kutch Copper signs deal with Australia’s Caravel Minerals for long-term supply to Gujarat smelter

• Caravel deposit estimated to have 1.3 mnt of payable copper
• Mine to initially ship 62,000-71,000 t/year to Mundra complex

Kutch Copper, part of Adani Enterprises, has signed a deal with Caravel Minerals to take forward the latter’s copper project in Western Australia. The agreement aims to secure long-term copper supply for Adani’s upcoming smelter in Gujarat as India’s demand for refined copper continues to rise.

Under the MoU, Caravel will develop its copper mine with an estimated project investment of AUD 1.7 billion (USD 1.1 billion). In return, Kutch Copper will get the first right of refusal to invest in the project or purchase equity, along with the right to buy nearly all the copper output. The mine is expected to produce 62,000-71,000 tonnes (t) per year initially, which will be shipped directly to Adani’s Mundra smelting complex.

Adani’s Mundra refinery — described as the world’s largest copper smelter at a single location — has a planned capacity of 0.5 million tonnes (mnt) per year in Phase 1. Once operational, it is expected to increase domestic availability of refined copper, reduce import dependence, and support downstream industries such as electrical equipment, renewable-power systems, motors, transformers, and EV components.

The Caravel Copper Project is considered one of Australia’s largest undeveloped copper deposits, with an estimated mine life of over 25 years and around 1.3 mnt of payable copper. According to Adani, this partnership strengthens India’s and Australia’s participation in the global critical minerals supply chain at a time when copper is becoming increasingly strategic.

Global demand for copper is expected to grow sharply — rising more than 50% by 2040 on the back of electrification, renewable-energy expansion, and EV adoption. India’s consumption outlook is also strong. A recent industry report shows that traditional sectors such as construction, power, infrastructure, and industry could consume about 3.24 mnt of copper by FY’30, while clean-energy applications may add another ~274,000 t.

Despite having reserves, India remains a net importer of refined copper due to limited domestic mining, slow exploration activity, and smaller smelting capacity.

BigMint data shows India imported 177,371 tonnes of copper cathodes in 2025 (till September), after importing 271,114 tonnes in 2024 and 302,710 tonnes in 2023. The sustained reliance on imported refined copper highlights the supply gap created by limited domestic smelting capacity. In this context, the Adani–Caravel agreement becomes strategically important. By securing 62,000-71,000 tonnes per year of concentrate from Australia for its new Gujarat smelter, Kutch Copper reduces dependence on the spot market and high-premium cathode imports. Over time, consistent feedstock could boost domestic refined output, lower India’s import bill, and create space for downstream producers to source competitively priced cathodes locally.

In the medium term, consistent concentrate supply could boost domestic refined output and support India’s downstream copper ecosystem — rods, wires, cables, transformers, and EV components.