Mari Energies Limited has disclosed that its wholly owned subsidiary, Mari Minerals (Private) Limited, has entered into a joint venture agreement with Globacore Minerals Limited for mineral exploration activities in Balochistan.

In a notice to the Pakistan Stock Exchange on Friday, the company said the agreement covers exploration licences EL-322 and EL-323 located in district Chagai, subject to the completion of required corporate, regulatory and government approvals.

Under the terms of the joint venture, Mari Minerals will transfer a 49% working interest in the two licences to Globacore Minerals. Mari Minerals will, however, retain operatorship of the licences and continue to carry out exploration activities in the area.

Mari Energies requested the exchange to circulate the information to TRE certificate holders accordingly.