Overview
- The non-binding agreement sets an exclusive framework to negotiate a life-of-mine offtake covering up to 100% of copper concentrate, estimated at 62,000–71,000 tonnes of payable copper annually in the early years.
- Concentrate from the Western Australia resource would feed Kutch Copper’s $1.2 billion, 500 KTPA smelter in Gujarat, described as the world’s largest single-location copper facility.
- The MoU grants Kutch Copper first rights to project-level or direct equity investment, with co‑engineering and joint procurement planned to align product specifications and delivery schedules.
- The companies are targeting a Final Investment Decision in 2026 while advancing financing with global banks and export credit agencies, including Denmark’s EIFO, across debt, equity, streaming and royalty structures.
- Caravel outlines a large, low-cost operation of about 1.3 million tonnes of payable copper over more than 25 years, with initial capex of A$1.7 billion and a forecast all-in sustaining cost of $2.07 per pound.