Codelco and India's Adani Sign Memorandum of Understanding for Exploration of the Kaburkaala Copper Project

en.Wedoany.com Reported - On November 11, Chile's National Copper Corporation (Codelco) and Kutch Copper Limited (KCL), a subsidiary of India's Adani Group, signed a memorandum of understanding during the 2026 London Metal Exchange Week held in London, United Kingdom, establishing a strategic exploration partnership for the Kaburkaala copper project in the Calama mining district of the Antofagasta Region, Chile. Under the agreement, Adani will fund subsequent exploration activities and combine its project execution capabilities with Codelco's geological exploration expertise to advance the project.

This collaboration follows up on a preliminary cooperation memorandum signed by both parties in 2025. Previously, technical teams from both companies conducted due diligence on Codelco's copper project portfolio in the Antofagasta and Atacama Regions of Chile, including site visits and technical document reviews. After project screening, Adani ultimately selected Kaburkaala and proposed a plan to continue advancing exploration. The document signed this time further clarifies the key commercial terms required to establish the exploration partnership.

The two parties intend to adopt a cooperation model combining funding and specialized technical expertise: Adani will provide exploration funding and contribute its capabilities in implementing large-scale projects, while Codelco will provide geological data on the mining area, exploration experience, and technical support for the project. For Codelco, this cooperation model can share the early-stage exploration investment and project risks.

The project is also linked to Adani's copper smelting operations in India through the industrial chain. Kutch Copper is building an integrated copper smelting and refining facility in Mundra, Gujarat, India. The production facility already completed has a designed capacity of 500,000 tonnes of refined copper per year, with plans to expand to 1 million tonnes. If the Kaburkaala project ultimately yields developable copper resources, it could provide a potential source of raw materials for its downstream smelting operations in India.