Fatima Fertilizer Company Limited, on Monday, announced that Globacore Minerals Limited, in which it holds a 32% equity stake, has entered into a joint venture agreement with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited, for mineral exploration projects in Balochistan.
In a notice sent to the Pakistan Stock Exchange, the company said the agreement relates to mineral exploration licences EL-322 and EL-323 located in District Chagai and is subject to required corporate, regulatory and governmental approvals.
Under the terms of the agreement, Mari Minerals will transfer 49% of its working interest in the two licences to Globacore Minerals Limited. Mari Minerals will continue as the operator of the licences and remain responsible for exploration activities.
Fatima Fertilizer said it views the development as part of its portfolio diversification strategy through its shareholding in Globacore Minerals Limited.
The company added that shareholders will be kept informed of any further material developments in line with applicable laws and Pakistan Stock Exchange regulations.
On December 19, Mari Energies Limited disclosed a similar development through a notice to the PSX that its wholly owned subsidiary, Mari Minerals (Private) Limited, had entered into a joint venture agreement with Globacore Minerals Limited for mineral exploration activities in Balochistan.
