Ahmedabad/Santiago, November 11, 2026 – Codelco and Kutch Copper Limited (KCL), a subsidiary of Adani Enterprises Limited, the parent company of the Adani Group, signed a Memorandum of Understanding (MoU) establishing the key commercial terms for a strategic exploration alliance at the Kaburkaala copper project. The project is located in the Calama mining district in the Antofagasta Region.

The MoU was signed during LME Week 2026 in London, with the presence of Bernardo Fontaine, Chairman of the Board of Codelco; Jeet Adani, Director of Kutch Copper Limited; and Vinay Prakash, CEO of Adani Natural Resources, among other representatives.

This milestone falls within the framework of the Memorandum of Understanding signed between the two companies in 2025, through which the technical teams of Adani and Codelco jointly evaluated a portfolio of the Corporation's copper projects through a detailed technical due diligence process, which included on-site reviews in Chile. Following this process, Adani selected the Kaburkaala project and submitted a proposal to advance its exploration.

“The new memorandum represents an important step in the work we have been developing with Adani over the past year. This process demonstrates Codelco’s ability to attract world-class partners and generate value from its exploration portfolio, while safeguarding the long-term interests of the Corporation and the State of Chile,” commented Bernardo Fontaine, Chairman of the Board of Codelco.

“Critical resources, with copper at the forefront, are at the very heart of our future transformation. More than just a mining asset, we see this strategic alliance as a long-term investment in India’s future. By securing robust access to global copper resources, we are building resilience across the supply chains of critical industries that drive our nation’s growth, including renewable energy, advanced manufacturing, infrastructure, and technology. This alliance is a testament to our commitment to strengthening India’s resource security and supporting its path to becoming a global economic powerhouse,” said Jeet Adani, Director of KCL.

This initiative is part of Codelco's strategy to create value from its exploration portfolio through public-private partnerships, sharing risks and accelerating the progress of projects with development potential.

For Adani, the alliance represents a strategic step in building a globally integrated and diversified copper value chain, connecting exploration resources in Chile with its smelting complex in Mundra, India, and ensuring long-term access to a key mineral for electrification and the global energy transition.

The potential partnership will allow for the advancement of exploration at the Kaburkaala project through Adani's capital contribution, along with its technology and capacity to execute large-scale projects, combined with Codelco's deep geological knowledge and international experience. Both companies will maintain a focus on responsible exploration, high safety standards, environmental sustainability, and long-term value creation.

About Adani Enterprises Limited and Kutch Copper Limited

Adani Enterprises Limited (AEL) is the parent company of the Adani Group, one of India's largest business conglomerates, and has driven and scaled businesses in sectors including ports, energy, utilities, logistics, and primary industries. Kutch Copper Limited, an AEL subsidiary, is developing one of the world's largest single-site, bespoke copper smelting complexes in Mundra, Gujarat, designed with cutting-edge technology, digitalization, and high ESG standards to support India's self-sufficiency in critical metals. For more information, visit www.adanienterprises.com .

Codelco