Codelco, Adani Group sign pact for copper exploration project
Chile's State-run copper producer Codelco said on Wednesday it has signed a agreement with India's Adani Group to develop the Kaburkaala copper exploration project in Chile's northern region of Antofagasta.
Adani would provide financing for the project, which could offer long-term supply for its smelting complex in Mundra, India, Codelco said in a statement.
The two companies agreed last year to a partnership and evaluated a number of potential Codelco copper projects before Adani selected Kaburkaala for exploration.
India relies on copper imports to address shortfalls and meet the robust demand in the world’s fastest-growing major economy and has been seeking to shore up its supply with investments overseas.
The agreement was signed between Codelco and Kutch Copper Limited, part of Adani Group.