Mari Minerals joins Chagai exploration venture

Mari Minerals (Private) Limited, a subsidiary of Mari Energies Limited, has partnered with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan to acquire stakes in two Chagai mineral exploration licenses.

Mari Energies disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“We are pleased to announce that Mari Minerals (Private) Limited (formerly Mari Mining Company (Pvt) Limited), a wholly owned subsidiary of Mari Energies Limited (formerly Mari Petroleum Company Limited), has entered into a joint venture agreement, subject to requisite regulatory approvals, with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL) and the Government of Balochistan (GoB) for acquisition of 25% (less one share) interest in two Mineral Exploration Licenses, EL302 and EL303, located in Chagai, Balochistan,” read the notice.

The company said that the acquisition aligns with its strategic objectives, “marking a key step in MariEnergies’ broader efforts to diversify into near-core sectors and contribute towards the enhancement of the growth and sustainability of Pakistan’s mineral sector”.

Earlier this month, Mari Minerals acquired an 87.5% interest in Chagai mineral exploration licenses, expanding its copper and gold mining portfolio.

Last month, MARI also inked a definitive agreement to acquire a 5% stake in Kohesultan Mining Company Limited (KMCL).

KMCL is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT). It manages the Siahdiq Copper Project in Chagai, Balochistan.

Mari Energies Limited is a public limited company incorporated in Pakistan on December 4, 1984, under the Companies Ordinance, 1984 (now superseded by the Companies Act, 2017).

The company is principally engaged in the exploration, production, and sale of hydrocarbons.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.