Mari Minerals, a subsidiary of Mari Energies — formerly called Mari Petroleum Company Limited — has acquired an 87.5% interest in Chagai mineral exploration licenses, expanding its copper and gold mining portfolio.
Mari Energies shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday.
“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 kilometres area,” read the company.
Mari Energies informed the licenses are located in the Chaghi district of Balochistan.
Mari Mining receives licences for exploration of minerals in Chagai
It added that 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 E&P said.
Last month, MARI also inked a definitive agreement to acquire a 5% stake in Kohesultan Mining Company Limited (KMCL).
KMCL is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT) and is managing the Siahdiq Copper Project in Chagai, Balochistan.
Mari Energies Limited is a public limited company incorporated in Pakistan on December 4, 1984, under the Companies Ordinance, 1984 (now superseded by the Companies Act, 2017).
The company is principally engaged in the exploration, production, and sale of hydrocarbons.
By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.
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