PAKISTAN
Mari Minerals (Private) Limited, a subsidiary of Mari Energies Limited, has entered into a partnership with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan to acquire stakes in two mineral exploration licenses in Chagai.
The development was disclosed by Mari Energies in a notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to announce that Mari Minerals (Private) Limited (formerly known as Mari Mining Company (Pvt) Limited), a fully owned subsidiary of Mari Energies Limited (formerly Mari Petroleum Company Limited), has entered into a joint venture agreement, subject to necessary regulatory approvals, with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan (GoB) to acquire a 25% (less one share) stake in two Mineral Exploration Licenses, EL302 and EL303, located in Chagai, Balochistan,” the notice stated.
The company highlighted that the acquisition aligns with its strategic goals, marking a significant step in Mari Energies’ broader efforts to diversify into sectors closely related to its core business and contribute to the growth and sustainability of Pakistan’s mineral sector.
Earlier this month, Mari Minerals acquired an 87.5% interest in Chagai’s mineral exploration licenses, further expanding its copper and gold mining portfolio.
Additionally, Mari Energies recently signed a definitive agreement to acquire a 5% stake in Kohesultan Mining Company Limited (KMCL), a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT) that manages the Siahdiq Copper Project in Chagai, Balochistan.
Mari Energies Limited, incorporated in Pakistan on December 4, 1984, is primarily engaged in the exploration, production, and sale of hydrocarbons. The company operates the country’s largest gas reservoir at the Mari Gas Field in Daharki, Sindh, and is the second-largest producer of natural gas in Pakistan. — ERMD
