Caravel Partners with Thiess to Advance Australia’s Largest Copper DFS
Key Takeaways
- Caravel Minerals has executed a non-binding MOU with Thiess Pty Ltd — one of the world's most experienced open-cut mining contractors, founded in 1934 — to support the Definitive Feasibility Study for the Caravel Copper Project.
- The MOU covers a seven-year full-service mining contract scope including autonomous drilling and haulage, asset management, and workforce development, with a two-year term for the agreement itself.
- The Caravel Copper Project is Australia's largest undeveloped copper project, targeting approximately 65,000 tonnes of annual copper production alongside gold, silver, and molybdenum co-products over a 25-plus year mine life.
- Thiess will provide engineering and cost estimates during the DFS, with the pathway progressing through Early Contractor Involvement before a final Mining Services Agreement is executed at Final Investment Decision.
- No contract has been awarded and neither party is obliged to proceed beyond the MOU, but the arrangement gives Caravel access to Thiess's cost-estimation capability and technology and autonomy expertise at the most risk-sensitive stage of project development.
Caravel secures Thiess partnership to advance DFS for Australia’s largest undeveloped copper project
Caravel Minerals has executed a non-binding, non-exclusive Memorandum of Understanding (MOU) with Thiess Pty Ltd to support the Definitive Feasibility Study (DFS) and define a full-service mining contract for the Caravel Copper Project. Thiess, established in 1934, is one of the most experienced open-cut mining contractors globally, operating across Australia, Asia, and the Americas.
The MOU covers engineering and cost estimates for an initial seven-year full-service contract encompassing mining equipment, asset maintenance, technology and autonomy consideration, asset management, and drill and blast. The agreement has a two-year term, though no contract has been awarded and neither party is obliged to proceed beyond the MOU. The mining services provider, loading and haulage fleet, drill fleet, and autonomy provider each remain subject to Caravel’s own selection processes.
Don Hyma, Managing Director, Caravel Minerals
“The front end of a project like this is where much of the risk sits. Ramping up a new open pit, building a workforce and bringing an ultra-class fleet to full productivity takes experience that few in the industry have. Thiess are among the most experienced operators in that space, and their experience with technology and autonomy is market leading. This MOU lets us cost and test that model properly alongside the owner operated case, so that the decision is made on value and evidence.”
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What the Thiess MOU means for the DFS process
The MOU creates a structured pathway from feasibility through to a final contracting decision. Thiess will provide engineering and cost estimates during the DFS, with an indicative progression as follows:
- DFS — Thiess provides engineering and cost estimates for the full-service mining model
- Early Contractor Involvement (ECI) process — collaborative refinement of scope, methodology, and costs
- Mining Services Agreement — to be finalised at Final Investment Decision of the Project
Scope of agreed work
The agreed work streams span a broad set of operational and planning disciplines:
- Mine planning and scheduling
- Mining methodology and asset selection
- Autonomous drilling and haulage options
- Operational readiness and workforce development
- Early works and mobilisation planning
Thiess’s technology and autonomy capabilities are specifically cited by Caravel’s Managing Director as a point of differentiation. Bringing those capabilities into the DFS process is intended to reduce execution risk at project ramp-up, where operational complexity is typically at its highest.
Michael Wright, Group Executive Chair and CEO, Thiess
“Caravel is developing a long-life copper project in an established mining jurisdiction at a time when critical minerals are becoming increasingly important to the global economy. We look forward to working with the Caravel team through the ECI phase and demonstrating how a full-service mining model, including the early integration of technology and autonomy, can support the development and operation of the project.”
Understanding mining services MOUs — what investors should know
An MOU is a non-binding expression of intent to collaborate. It does not guarantee a contract will follow, and in this case the announcement explicitly states that neither party is obliged to proceed beyond it.
In large-scale project development, MOUs with major contractors are standard practice during feasibility studies. They allow both parties to work through cost estimates and scope in detail before either side commits capital or resources. The Early Contractor Involvement (ECI) model takes this further: it brings the contractor into the design and feasibility process specifically to improve cost certainty and reduce construction risk before Final Investment Decision.
The practical value for Caravel is access to Thiess’s cost-estimation capability and operational expertise during the DFS. Better cost estimates at the DFS stage directly improve the quality of the investment decision at Final Investment Decision, and reduce the risk of cost blowouts during construction and ramp-up. That is what makes this announcement material, even though no contract has been awarded.
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The Caravel Copper Project — scale and context
The scale of the Caravel Copper Project makes a partner with Thiess’s depth of experience a logical fit for the DFS process. The project is a long-life, conventional open-pit development targeting multi-commodity output from a single operation.
| Metric | Detail | Unit | Notes |
|---|---|---|---|
| Project location | ~150km north of Perth | Western Australia | Established mining jurisdiction |
| Mine life | +25 years | Years | Conventional open-pit design |
| Annual copper production | ~65,000 tonnes | Contained copper | High-quality copper concentrate |
| Annual gold production | ~15,000 ounces | Ounces | Co-product from copper concentrate |
| Annual silver production | ~660,000 ounces | Ounces | Co-product from copper concentrate |
| Annual molybdenum production | ~1,100 tonnes | Tonnes | Separate concentrate stream |
| Project status | Australia’s largest undeveloped copper project | — | DFS in progress |
Source: ASX release dated 23 April 2025. All production figures are expected targets and subject to the forward-looking statement qualifications contained in the announcement.
Copper’s central role in the global energy transition — across electric vehicles, grid infrastructure, and renewable generation — means that de-risking milestones at large undeveloped copper projects are increasingly watched by investors. Each step that improves cost certainty and reduces execution risk ahead of Final Investment Decision moves a project closer to the point where capital allocation decisions can be made with confidence.
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