Adani Codelco MoU: Kaburkaala copper deal in Chile

The Adani Codelco MoU, announced on Thursday 12 November 2026, sets out terms for a strategic exploration partnership between Kutch Copper and Chile’s state-owned miner Codelco at the Kaburkaala copper project in northern Chile. Mining Technology reported that the memorandum was signed in London during LME Week 2026. Kutch Copper is a subsidiary of Adani Enterprises, part of the Adani Group led by Gautam Adani.

What happened

Mining Technology named Kutch Copper director Jeet Adani, Adani Natural Resources chief executive Vinay Prakash and Codelco chairman Bernardo Fontaine as the people behind the signing. Oneindia reported that the same three were present and that the announcement came on Thursday.

The MoU covers the Kaburkaala project in the Calama copper belt of Chile’s Antofagasta Region, according to Mining Technology. Adani would provide financial investment, technical capability and project management. Codelco would contribute local geological knowledge and international experience. Both sides said they intend to follow responsible exploration practices, with safety and environmental standards as priorities.

The deal links to India’s copper supply. Mining Technology reported that Adani expects the partnership could connect Chilean copper resources to the large custom smelter complex Kutch Copper is building at Mundra in Gujarat. Trade Brains reported that a final agreement has not yet been signed.

Key numbers

500,000 tonnes a year: capacity of the Mundra smelter, with plans to double to 1 million tonnes, Carbon Credits reported.
2.1 million tonnes: India’s copper demand in FY2026, up 12% from 1.878 million tonnes a year earlier, according to International Copper Association India, as cited by Carbon Credits.
821,408 tonnes: India’s copper concentrate imports from April to August 2026, up 56.8% year on year, with Chile supplying 366,069 tonnes or about 45%, per the same Carbon Credits report.
No deal value: Mining Technology said the companies disclosed no financial values, volumes or timelines.

Kutch Copper and why Adani wants Chilean copper

Kutch Copper is building a single-location custom copper smelter at Mundra, and a smelter needs a steady supply of ore concentrate. Trade Brains reported that Mundra sources concentrate from Peru, Chile and Australia. An upstream stake or partnership in a Chilean project would give the group another route to that feedstock.

This is the second step with Codelco. Carbon Credits reported that Kutch Copper and Codelco signed a non-binding MoU in November 2025 covering three projects near Sierra Gorda and Diego de Almagro, with no production or supply volumes set. Kaburkaala is the project the two sides have now narrowed to, according to Shanghai Metals Market.

The group’s copper push is a growing part of its manufacturing and industrials business. Yesterday Founders in Frame covered how Adani Kutch Copper became the first Indian producer to win the Copper Mark. Carbon Credits listed Hindalco and Kutch Copper at 500,000 tonnes of refining capacity each, with Vedanta at 216,000 tonnes, in India’s Ministry of Mines annual report for 2025 to 2026.

What people said

Jeet Adani said: “Critical resources, led by copper, are at the very heart of our future transformation,” according to Oneindia. Fontaine said: “This process demonstrates Codelco’s ability to attract world-class partners,” Oneindia reported, calling the MoU an important step in Codelco’s work with Adani over the past year.

Mining Technology reported that Codelco sees the deal as consistent with its plan to expand the value of its exploration assets through private partners, sharing risk and speeding up projects with development potential.

What happens next

The Adani Codelco MoU is a framework, not a mine. Shanghai Metals Market reported that Kaburkaala remains at the exploration stage and that no resource estimate, exploration spend, timeline or expected output has been disclosed. Trade Brains reported that similar Chilean assets can take up to a decade to reach production. The next milestone to watch is a definitive agreement between Kutch Copper and Codelco, which neither company has dated.