Adani's Kutch Copper, Codelco to explore Kaburkaala copper belt in Chile
Synopsis
Adani's Kutch Copper and Chile's Codelco have inked an exploration MoU for the Kaburkaala project in northern Chile's Calama copper belt — a move that directly links South American copper reserves to Adani's Mundra smelter complex. With resource security now a geopolitical flashpoint, this deal signals India's most concrete upstream copper play yet.
Key Takeaways
Kutch Copper Ltd (KCL) , an Adani Enterprises unit, and Chile's Codelco signed an MoU on 12 November 2026 for the Kaburkaala copper exploration project in Antofagasta Region, Chile .
The deal was formalised at LME Week 2026 in London , with Jeet Adani and Bernardo Fontaine present.
Adani aims to link Chilean copper upstream resources to its Mundra, Gujarat copper smelter — one of the world's largest single-location custom smelter complexes.
Codelco's strategy involves creating value from its exploration portfolio via public-private partnerships.
The partnership strengthens India-Chile cooperation in critical minerals at a time of heightened global resource security concerns.
Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), and Chile's state-owned mining giant Codelco announced on Thursday, 12 November 2026, a strategic exploration partnership at the Kaburkaala project in the Calama copper belt of the Antofagasta Region in northern Chile. The deal, formalised through a Memorandum of Understanding (MoU), marks a significant step in building a globally integrated copper supply chain linking Chilean resources to India.
What the Partnership Covers
Under the proposed arrangement, KCL will contribute capital, technology-led exploration capabilities, and large-scale project execution expertise to advance the Kaburkaala project. Codelco brings its deep geological knowledge and international mining experience to the table. Both companies have committed to responsible exploration practices, high safety standards, and environmental stewardship as core operating principles.
The MoU was signed at 'LME Week 2026' in London, in the presence of Jeet Adani, Director of KCL; Dr. Vinay Prakash, CEO of Adani Natural Resources; and Bernardo Fontaine, Chairman of the Board of Codelco.
Adani's Strategic Vision: Chile to Mundra
For Adani, the partnership is a deliberate move to build an integrated, globally diversified copper value chain — linking upstream resource extraction in Chile directly to its copper smelter complex at Mundra, Gujarat. KCL is currently developing one of the world's largest single-location custom copper smelter complexes at Mundra, designed around advanced technology, digitalisation, and high environmental, social, and governance (ESG) standards.
Jeet Adani described the initiative as more than a mining asset: 'Critical resources, led by copper, are at the very heart of our future transformation. More than just a mining asset, we view this strategic partnership as a long-term investment in India's future. By securing robust access to global copper resources, we are building supply chain resilience for the critical industries driving our nation's growth — spanning renewable energy, advanced manufacturing, infrastructure, and technology,' he said.
What Codelco Gains
For Codelco, the tie-up is part of a broader strategy to unlock value from its exploration portfolio through public-private partnerships, sharing development risks while accelerating project advancement. Bernardo Fontaine said the agreement reflects over a year of collaborative groundwork: 'This MoU represents an important step in the work we have carried out with Adani over the past year. This process demonstrates Codelco's ability to attract world-class partners and create value from its exploration portfolio, while safeguarding the long-term interests of the company and the State of Chile.'
India-Chile Critical Minerals Ties
The partnership arrives at a moment when resource security has become a strategic priority for both India and Chile. Copper is central to global electrification ambitions — from electric vehicles and renewable energy grids to advanced electronics — making upstream access a geopolitical as much as a commercial imperative. This collaboration strengthens India-Chile cooperation in critical minerals at a time when major economies are racing to lock in long-term supply chains.
Notably, this is not a one-off bilateral transaction but a continuation of a year-long engagement between the two companies, suggesting a deeper and potentially expanding relationship in the critical minerals space.
What Happens Next
The exploration phase at Kaburkaala will now advance through the combined resources and expertise of both companies. Industry observers will watch closely whether this progresses from exploration MoU to a binding development agreement — and how quickly Adani's Mundra smelter can begin benefiting from Chilean copper supply.
Point of View
Eventually, actual ore flow — a gap that many such announcements never bridge. With India still overwhelmingly dependent on imported copper concentrate, what happens between this MoU and first production at Kaburkaala will determine whether this is a genuine supply-chain milestone or a well-timed headline.
NationPress
12 Nov 2026
Frequently Asked Questions
What is the Adani-Codelco copper partnership announced in November 2026?
Kutch Copper Ltd, a unit of Adani Enterprises, and Chile's state-owned Codelco have signed an MoU to jointly explore the Kaburkaala copper project in the Calama copper belt of Chile's Antofagasta Region. The deal, signed at LME Week 2026 in London, is aimed at building an integrated copper supply chain linking Chilean resources to Adani's Mundra smelter in Gujarat.
Where is the Kaburkaala copper project located?
The Kaburkaala project is situated in the Calama copper belt of the Antofagasta Region in northern Chile. The region is one of the world's most significant copper-producing zones and a core part of Codelco's exploration portfolio.
What is Kutch Copper's role in the Adani group?
Kutch Copper Ltd is developing one of the world's largest single-location custom copper smelter complexes at Mundra in Gujarat, India. It operates under Adani Enterprises and is central to the group's strategy for self-reliance in critical metals, particularly copper needed for renewable energy and advanced manufacturing.
Why is copper considered a critical mineral for India?
Copper is essential for electrification — underpinning electric vehicles, renewable energy infrastructure, electronics, and grid expansion. As India accelerates its energy transition, securing long-term upstream access to copper has become a strategic priority, making deals like the Adani-Codelco MoU significant at both a commercial and national level.
What does Codelco gain from this partnership with Adani?
Codelco, Chile's state-owned copper giant, gains a capital-rich and technically capable partner to advance exploration at Kaburkaala, sharing development risk while accelerating progress. Chairman Bernardo Fontaine described it as evidence of Codelco's ability to attract world-class partners and generate value from its exploration portfolio without compromising the long-term interests of the company or the Chilean state.
