Mari Energies Limited said its wholly owned subsidiary has entered into a joint venture with Globacore Minerals Limited on two mineral exploration licences in Balochistan, marking a new push into Pakistan’s resource-rich Chagai district.
Mari Minerals (Private) Limited will transfer 49% of its working interest in exploration licences EL‑322 and EL‑323 to Globacore, while retaining operatorship and responsibility for ongoing exploration work, the company said in a notice to the Pakistan Stock Exchange.
The agreement is subject to corporate, regulatory and governmental approvals, Mari Energies added.
The licences cover prospective ground in Chagai, a district that hosts some of Pakistan’s largest known copper and gold deposits and has been a focal point for both local and foreign mining investment.
Mari Energies did not disclose the financial terms of the transaction or targeted investment volumes.
The company said Mari Minerals will remain the operator of the licences and “continue to undertake exploration activities” following the entry of Globacore as a 49% joint-venture partner.