Billionaire Gautam Adani’s copper business, Kutch Copper Ltd (KCL), has signed a non-binding agreement with Australia’s Caravel Minerals Ltd to accelerate development of the Caravel Copper Project in Western Australia with an initial capital expenditure of AUD 1.7 billion ($1.1 billion).

Under the partnership, KCL, set up as a unit of Adani Enterprises Ltd in 2021, has been granted first right to either purchase equity or invest directly in the mining project, the company stated on Thursday. Also Read | Tata, Reliance, Adani outpace Big Tech outspend on new-age factories

KCL has a copper smelting and refining complex, with a capacity of 0.5 million tons a year.

With global copper demand projected to surge by 50% by 2040 amid electrification and renewable -energy expansion, the Ah

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