Caravel Minerals (ASX:CVV) signed a non-binding memorandum of understanding (MOU) with Adani Enterprises' Kutch Copper subsidiary to collaborate on the Caravel project in Western Australia, according to a Friday filing with the Australian bourse.
The MOU supports the company's financing strategy to advance the project toward a 2026 final investment decision and involves the negotiation of a potential life-of-mine offtake agreement for up to 100% of copper concentrate from the project, the filing said.
Caravel Minerals shares rose 14% in morning trade on Friday.
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