PAKISTAN – Mining
Fatima Fertilizer Company Limited has informed that Globacore Minerals Limited, in which the company holds a 32 percent equity stake, has entered into a Joint Venture Agreement with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited.
Under the terms of the agreement, Mari Minerals has agreed to transfer 49 percent of its working interest in mineral exploration licences EL-322 and EL-323, located in District Chagai, Balochistan, to Globacore. The transaction is subject to the receipt of all requisite corporate, regulatory and governmental approvals.
Mari Minerals will continue to act as the operator of the licences and will remain responsible for carrying out exploration activities under the joint venture arrangement.
Fatima Fertilizer, as a shareholder of Globacore, termed the development a positive step towards portfolio diversification and long-term value creation for its stakeholders. The company said it would keep its shareholders informed of any further material developments in accordance with applicable laws and the regulations of the Pakistan Stock Exchange. – ER Web Desk
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