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.
(Reporting by Daina Beth Solomon; Editing by Anthony Esposito and Natalia Siniawski)
