Mari Energies Limited, through its wholly owned subsidiary Mari Minerals (Private) Limited, has entered into a Joint Venture Agreement with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan to acquire a 25% (less one share) interest in two Mineral Exploration Licenses (EL302 and EL303) in Chagai, Balochistan.
The energy exploration and production giant disclosed this development to the Pakistan Stock Exchange (PSX) through a notice on Friday in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1 (a) of the PSX regulations.
“We are pleased to announce that Mari Minerals (Private) Limited (formerly Mari Mining Company (Pvt) Limited), a wholly owned subsidiary of Mari Energies Limited (formerly Mari Petroleum Company Limited), has entered into a Joint Venture Agreement with IRH Mining RSC Ltd, Balochistan Mineral Resources Limited (BMRL), and the Government of Balochistan (GoB) for acquiring a 25% (less one share) interest in two Mineral Exploration Licenses, EL302 and EL303, located in Chagai, Balochistan,” Mari said in its notice to the PSX.
The agreement, subject to regulatory approvals, marks a strategic shift for Mari Energies as it expands into the mining sector, diversifying beyond its core operations. The company sees this move as a key step toward strengthening Pakistan’s mineral industry and contributing to the growth and sustainability of the sector.
The development comes as Pakistan seeks to unlock its vast mineral potential, particularly in Balochistan, which is home to significant reserves of copper, gold, and other valuable minerals.
Shares of Mari Energies Limited declined Rs8.45 (-1.51%) to Rs550.00 on Friday despite the company’s announcement of a joint venture.
Earlier, on February 12, Mari Energies announced a deal under which Mari Minerals (Private) Limited signed an agreement to acquire an 87.5% stake in multiple mineral exploration licenses in Chagai, Balochistan. The agreement with Sanjrani Mining Company (Pvt) Limited (SMC) covers 40 square kilometers and includes operatorship of the exploration sites.
Mari Energies 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.
