Hub Power Holdings Limited (HPHL) has entered into a joint venture agreement with a mining company Ark Metals (Private) Limited for exploration and development of mineral mines in Pakistan.
The development was shared by HUBCO, the parent company of HPHL and a strong player in Pakistan’s energy sector, in a notice to the Pakistan Stock Exchange (PSX) on Monday.
“We hereby convey that Hub Power Holdings Limited (HPHL), a wholly owned subsidiary of The Hub Power Company Limited, has entered into a joint venture agreement with a mining company, Ark Metals (Private) Limited and its shareholders, for exploration and development of mineral mines in Pakistan,” stated the notice.
The company shared the consummation of this joint venture agreement is subject to the necessary regulatory approvals and consents.
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HPHL has invested in China Power Hub Generation Co. (Pvt.) Ltd. and ThalNova Power Thar (Pvt.) Ltd. The company also entered in a JV agreement to form Prime International Oil & Gas Company Ltd, a joint venture company of Hub Power Holdings and ENI’s local employees.
Ark Metals is a prospecting and mining company, which intends to utilise latest technology to identify, prospect and explore mineralised zones of Pakistan specifically targeting the base mineral rich Balochistan, rare mineral rich Khyber Pakhtunkhwa (KPK) and precious mineral rich Gilgit Baltistan (GB).
The company currently holds exploration licenses and mining leases in Balochistan and Gilgit-Baltistan while it scouts for potential partnerships in KPK.
The mining sector in Pakistan has picked up pace in recent times especially, after the formation of Special Investment Facilitation Council (SIFC).
Last month, Mari Mining Company (Pvt) Limited (MMC), a wholly-owned subsidiary of Mari Petroleum Company Limited (MARI), received licences to explore minerals in Chagai district, Balochistan.
Earlier in May, National Resources Limited (NRL) which is a subsidiary of YB Pakistan Limited, Reliance Commodities (Private) Limited and Liberty Mills Limited, received an exploration lease for minerals in Chagai district.