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Adani Joins Chile's Copper Exploration
12 Nov
Summary
- Adani Group partners with Codelco for Kaburkaala copper project.
- The venture supports India's goal of securing overseas copper supplies.
- Financing for exploration will be provided by Adani Group.
A new agreement has been formed between India's Adani Group and Chile's state-run copper producer, Codelco. This collaboration focuses on developing the Kaburkaala copper exploration project, situated in Chile's northern Antofagasta region. The partnership, formalized by Codelco and Kutch Copper Limited (part of Adani Group), aims to potentially secure long-term copper supplies for Adani's smelting facility in Mundra, India.
Adani Group will be responsible for financing the exploration phase of the Kaburkaala project. This development aligns with India's broader objective to strengthen its copper supply chain by investing in overseas resources, addressing the substantial demand within the nation's rapidly growing economy. The companies had previously established a partnership last year and evaluated several Codelco projects before selecting Kaburkaala for this venture.
