Adani Enterprises arm Kutch Copper inks MoU with Chile's Codelco; stock reacts

Adani Enterprises Ltd's subsidiary, Kutch Copper Ltd, has signed a strategic memorandum of understanding (MoU) with Chile's state-owned copper producer Corporación Nacional del Cobre de Chile (Codelco) to explore a potential partnership for the Kaburkaala copper project in Chile. The proposed collaboration is aimed at strengthening Adani's access to global copper resources and building an integrated copper value chain connecting Chilean resources with its smelter complex in Mundra, Gujarat.

The MoU establishes the key terms for cooperation towards a strategic exploration partnership at the Kaburkaala project, located in the Calama copper belt in Chile's Antofagasta region. The proposed arrangement will combine Adani's capital, technology-led exploration and large-scale project execution capabilities with Codelco's geological expertise and international mining experience.

Adani Enterprises shares touched a high of Rs 2,757.95 on Thursday, gaining 0.88% from their previous close of Rs 2,734. The stock opened at Rs 2,722.80 and touched a low of Rs 2,720 during the session.

Adani-Codelco partnership: What the MoU entails

According to the company's exchange filing dated November 12, the collaboration is intended to advance exploration activities at the Kaburkaala project. The proposed partnership will link upstream copper resources in Chile with Adani's integrated copper smelting operations at Mundra, potentially strengthening the group's access to a key industrial metal.

The companies said the collaboration would focus on responsible exploration, safety standards and environmental stewardship. The arrangement also forms part of broader India-Chile cooperation in critical minerals, as both countries look to strengthen resource security.

The MoU was signed recently during LME Week 2026 in London in the presence of Jeet Adani, Director of Kutch Copper; Vinay Prakash, CEO of Adani Natural Resources; and Bernardo Fontaine, Chairman of Codelco.

What Adani and Codelco said

Commenting on the partnership, Jeet Adani, Director of Kutch Copper, said, "Critical resources, led by copper, are at the very heart of our future transformation."

He added that securing access to global copper resources would help strengthen India's supply chain resilience across renewable energy, advanced manufacturing, infrastructure and technology.

Bernardo Fontaine, Chairman of Codelco, said the MoU marked an important step in the work carried out with Adani over the past year. He added that the process demonstrated Codelco's ability to attract global partners and create value from its exploration portfolio while protecting the long-term interests of the company and the Chilean state.