Mari Minerals (Private) Limited, a subsidiary of Mari Energies Limited (PSX: MARI), has signed a joint venture agreement with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan for a stake in two mineral exploration licenses in Chagai, Balochistan.
The agreement, subject to regulatory approvals, grants Mari Minerals a 25 percent (less one share) interest in exploration licenses EL302 and EL303, MARI said in a stock filing on Friday.
“This acquisition aligns with our 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,” the company filing added.
The company is principally engaged in the exploration, production, and sale of hydrocarbons. It also provides exploration and production-related services and is involved in ventures related to mineral mining and technology businesses.