Mari Energies Limited has announced that its wholly owned subsidiary, Mari Minerals (Private) Limited, has entered into an agreement to acquire an 87.5% stake in multiple mineral exploration licenses in Balochistan’s Chagai district, according to a filing at the Pakistan Stock Exchange (PSX) on Wednesday.
The agreement, signed with Sanjrani Mining Company (Pvt) Limited (SMC), is subject to requisite regulatory approvals and includes operatorship of the exploration sites.
The licenses cover a total area of 40 square kilometers.
“We are pleased to announce that Mari Minerals (Private) Limited (formerly Mari Mining Company (Pvt) Limited), a wholly owned subsidiary of Mari Energies Limited (previously Mari Petroleum Company Limited), has entered into a definitive agreement with Sanjrani Mining Company (Pvt) Limited (SMC), subject to the requisite approvals, to acquire 87.5% interest, along with operatorship, in multiple mineral exploration licenses covering a total of 40 square kilometers area,” read Mari Energies’ notice sent to the PSX.
Mari Energies said that these licenses are located in Chaghi district of Balochistan. A new project company will be established to carry out exploration activities following the completion of all necessary formalities and after obtaining relevant regulatory and corporate approvals.
“This acquisition is in line with our diversification strategy where we are building a mining portfolio focused on Copper and Gold exploration,” the company said.
