Mari Petroleum Company Limited has planned to undertake mineral mining projects in Balochistan as part of the National Resources (Private) Limited (NRL).
According to the notification to the PSX, the scope of the projects will involve exploration, survey, extraction, excavation, mining, and sale of produced minerals.
MPCL, in the initial stages, will acquire approximately up to 20% equity share in NRL.
The company has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited).
The joint venture is subject to necessary regulatory approvals from relevant authorities, including clearance from the Competition Commission of Pakistan, under the Competition Act, 2010, and in due course, the grant of necessary license(s) and lease(s).
As part of its long-term growth strategy, MPCL is evaluating multiple opportunities in near core and non-core sectors to diversify its business including mineral exploration in the prospective areas of the country.
The province of Balochistan is believed to be rich with reserves of natural minerals including petrol, gas, copper, coal, iron, marble, sulfur, chromite and etc.
The federal and provincial governments are focusing presently to speed up the exploration of minerals in the province.
In this connection, National Resources Private Limited is being activated whereas the Balochistan government decided to make two recently established mineral exploration companies autonomous including the Balochistan Mineral Exploration Company and Balochistan Mineral Resources Company.