Under the MoU, the companies will explore investment and offtake opportunities to accelerate development of the Project towards a Final Investment Decision (FID) in 2026, combining Caravel's world-class resource with Adani's proven smelting, processing and logistics capabilities. The partnership also establishes an exclusive framework for negotiating a life of-mine offtake agreement covering up to 100% of Caravel's copper concentrate output, which is expected to be around 62,000 to 71,000 tonnes of payable copper per annum in the early years. The concentrate would directly feed into KCL's state-of-the-art USD 1.2 billion (AUD 1.8 billion) Kutch Copper Smelter, the world's largest single-location copper facility, set up in Gujarat, India. "Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India's and Australia's role in building a resilient and responsible supply chain for this vital metal," said Dr Vinay Prakash, CEO, Natural Resources, Adani. "Kutch Copper, with its world-class infrastructure and ESG standards, is delighted to align with Caravel to create a model of sustainable value creation across continents." "This collaboration with Adani's Kutch Copper marks a pivotal step in realising the full potential of the Caravel Copper Project. 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," said Mr Don Hyma, Managing Director, Caravel Minerals Limited Caravel's Caravel Copper Project, located about 150 km northeast of Perth, is one of Australia's largest undeveloped copper resources, with a potential mine life exceeding 25 years and an estimated 1.3 million tonnes of payable copper. The project's all-in sustaining cost (AISC) is forecast at USD 2.07 per pound, positioning it among the lowest-cost producers globally. As part of the agreement, KCL has been granted first rights to participate in direct equity or project-level investments during the term of the MOU. The discussions are aligned with the Project's AUD 1.7 billion initial capex and designed to support phased development. Financing discussions are also advancing with top-tier banks, targeting a robust package that includes Export Credit Agency (ECA)-backed solutions for Danish equipment suppliers, traditional debt, equity raises and innovative funding structures such as streaming and royalties. These efforts build on a 2023 Letter of Interest from Denmark's Export and Investment Fund (EIFO) for Danish sourced equipment. The MoU further outlines collaborative workstreams, including co-engineering to optimise product specifications for Kutch Copper's downstream facilities, joint procurement to fast-track delivery schedules and leveraging the India Australia FTA (Free Trade Agreement) to promote cross-border resource development and workforce skilling. With global copper demand projected to surge by 50% by 2040 amid electrification and renewable-energy expansion, the Caravel-Kutch Copper collaboration is poised to deliver a significant contribution to critical-minerals supply chains while unlocking sustainable economic growth for both nations. Both Company's have also recorded exemplary ESG performance, reinforcing their shared commitment to responsible mining and sustainable supply chains. About Adani Enterprises Ltd Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India's largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to make India self-reliant with our robust businesses. This has also led to significant returns to our shareholders for three decades. The next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and petrochem - all of which have significant scope for value unlocking.