Adani Group and Chile’s Codelco sign non-binding pact to explore copper projects

Chilean state-owned miner Codelco said on Friday it has signed a non-binding agreement with India’s Adani Group to explore copper projects in Chile, expanding efforts by the world’s largest copper producer to deepen international partnerships and secure long-term development opportunities.

The agreement, signed with Adani’s Kutch Copper subsidiary, will enable both companies to review three copper projects in Chile and sets out a framework that could lead to joint development in the future, Codelco said in a statement. The deal allows for the exchange of technical, legal and geological information on the projects as the companies assess potential collaboration.

Adani, which is building one of the world’s largest copper smelters in India, has been seeking upstream opportunities to secure reliable raw material supplies for the country’s fast-growing industrial and clean energy sectors. “We are creating a cross-border collaborative model that will ensure long-term copper supply for India,” Vinay Prakash, Adani’s CEO of Natural Resources, said in the statement.

Codelco, which has faced production declines in recent years due to project delays and ageing deposits, has stepped up efforts to modernise operations and build global alliances. The company said the partnership with Adani fits into its broader internationalisation strategy and could help diversify its project pipeline.

The Chilean miner has also been expanding cooperation with technology firms as it pushes to enhance productivity and reduce costs. On Thursday, Codelco announced a partnership with Japan’s NTT DATA to integrate artificial intelligence and robotics tools across its operations, part of a wider digital transformation effort.

Copper demand is expected to rise sharply over the next decade, driven by the global shift to electric vehicles, renewable energy and transmission infrastructure. Both Codelco and Adani said the agreement aligns with the long-term needs of their respective markets.