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Codelco, Adani Group sign pact for copper exploration project

By Reuters News

Nov 11 (Reuters) - 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.

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