Copper Giant Codelco Signs Exploration Deal With Adani

State-owned miner Codelco and Kutch Copper Ltd, a unit of Indian billionaire Gautam Adani’s sprawling conglomerate, have struck a joint exploration and development deal in Chile, according to a person familiar with the matter. 

The two companies plan to invest in and work together on projects in the South American copper giant, said the person, who asked not to be identified as the matter is private. Projects under Codelco’s existing portfolio will also be considered, the person said.  

Adani did not immediately respond to emailed queries from Bloomberg. Codelco also did not respond to a request for comment outside business hours.

In the global race for critical minerals, copper is among the most sought-after metals, given its vital role in electrification and a likely dearth of future supply. 

The Adani Group has been courting global miners to secure copper concentrate for its $1.2 billion smelting unit. The 500,000-ton-a-year Kutch copper facility started processing earlier this year after multiple delays. 

The Chilean miner agreed earlier this year to supply copper concentrate for the smelter.

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