Chile Copper Giant Signs Deal With Adani

CHILE · COPPER

Codelco, Chile’s state-owned copper miner, and the Adani Group, an Indian conglomerate, have signed a new memorandum of understanding on copper exploration in Chile. The document covers a project called Kaburkaala in the mining district of Calama, in the Antofagasta Region, and was signed during London Metal Exchange (LME) Week, the annual metals industry gathering in London, according to the companies’ announcement of 11 November 2026.

A memorandum of understanding is a framework, not a final contract. For US readers, the deal matters because India is building its own supply chain for a metal used in power grids, electric vehicles and data centres.

What Happened

Codelco and Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises, signed a memorandum that sets key commercial terms for a possible strategic exploration partnership. The Adani Group is an Indian conglomerate founded by billionaire Gautam Adani.

Bernardo Fontaine, chairman of Codelco’s board, called the new memorandum “an important step” in work carried out with Adani. Jeet Adani, a KCL director, said the group sees the alliance as “a long-term investment in the future of India”, more than a mining asset.

The new paper builds on an earlier memorandum signed in 2025. Under that agreement, technical teams from both sides reviewed a portfolio of Codelco copper projects.

After that review, Adani chose Kaburkaala and submitted a proposal to advance its exploration. According to the companies, Adani would bring capital, technology and large-scale project skills, while Codelco would contribute geological knowledge and international experience.

How the Partnership Began

Codelco and KCL first signed a non-binding memorandum on 21 November 2025, according to Codelco. It covered three copper projects in the Antofagasta and Atacama regions, and it set the terms for KCL to carry out due diligence, meaning a detailed technical and legal review.

That 2025 agreement followed a supply deal for copper concentrate, the semi-processed material sent to smelters. The concentrate is destined for the Mundra smelter in western India, which Codelco said has a planned capacity of one million tonnes a year.

At the time, Máximo Pacheco, then chairman of Codelco, said the deal reflected the company’s commitment to public-private partnerships. Codelco presents such partnerships as a way to share investment risk and speed up projects with development potential.

Why It Matters

Codelco is one of the world’s largest copper producers and is owned by the Chilean state. Like other miners, it faces ageing mines and rising costs, so partners that bring capital are valuable.

For India, the arrangement offers a route to long-term copper supply, a point Vinay Prakash, the Adani group’s natural resources chief executive, made about the 2025 agreement. The 2026 memorandum continues that effort.

What It Means for You

US buyers of copper-heavy goods, from wiring to electric vehicles, compete with India and China for the same metal. A deal that ties Chilean ore to an Indian smelter is one more sign that supply is being contracted well ahead of demand.

Investors in US-listed miners and copper funds may watch whether other Chilean projects follow the same model. For now, the memorandum has no disclosed financial terms, so it is not a direct driver of copper prices.

What Is Not Known

No investment amount, ownership split or exploration budget has been disclosed. It is also unclear who would operate the project and who would own any future discovery.

The companies have not given dates for fieldwork, nor said whether a binding agreement will follow the memorandum. Any later contract would also face Chilean permitting and environmental review, which can take years.

Related coverage: Chile Libertarians Weigh Impeaching Judges · Chile Fuel Prices Rise as Truckers Strike · Chile news

Frequently Asked Questions

What did Codelco and Adani agree?

They signed a memorandum of understanding on exploring the Kaburkaala copper project in the Calama mining district. It sets key commercial terms for a possible partnership but is a framework, not a final contract.

Who is Adani Group?

Adani Group is an Indian conglomerate founded by billionaire Gautam Adani. Its copper unit, Kutch Copper Limited, is the party to the deal.

How much is the deal worth?

No amount has been disclosed. The companies have not published an investment figure or an exploration budget.

Sources: Codelco press release, 21 November 2025; Codelco and Adani Group announcement, 11 November 2026 (primary page not reachable)

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