KARACHI: Fatima Fertilizer Company Limited on Monday informed the Pakistan Stock Exchange that its associate company, Globacore Minerals Limited, has entered into a joint venture agreement with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited, for mineral exploration in Balochistan’s Chaghai district.
According to the company’s filing, Fatima Fertilizer holds a 32 percent equity stake in Globacore Minerals. Under the terms of the agreement, Mari Minerals has agreed to transfer 49 percent of its working interest in two mineral exploration licenses — EL-322 and EL-323 — to Globacore, subject to the receipt of all requisite corporate, regulatory, and governmental approvals.
The exploration licenses are located in District Chaghai, Balochistan, a region widely regarded as Pakistan’s most mineral-rich belt and home to major copper-gold deposits. Mari Minerals will continue to act as the operator of the licenses and will remain responsible for conducting exploration activities under the joint venture.
Mari Minerals joins Chagai exploration venture
The company said the transaction marks a strategic diversification for Fatima Fertilizer, enabling exposure to the mining and minerals sector through its associate, while leveraging Mari Minerals’ technical expertise and operational capabilities in large-scale exploration projects.
Mari Minerals, backed by Mari Energies Limited, brings extensive experience in geological surveys, drilling, and project execution in challenging terrains. Market participants view the partnership as a risk-sharing arrangement, allowing both parties to pool technical and financial resources during the high-risk exploration phase.
The Chaghai district hosts some of Pakistan’s most significant mineral projects, including Reko Diq and Saindak, and is considered prospective for copper, gold, and other associated metallic minerals.
The licenses under the joint venture cover a combined area of over 1,000 square kilometers, according to the filing.
Fatima Fertilizer said the investment aligns with its broader objective of generating long-term value through diversification, while contributing to the development of Pakistan’s domestic mineral resources.
The company added that exploration activities under the joint venture would commence following the completion of regulatory approvals.
The development also comes amid renewed focus on the mining sector under the government’s investment-led resource development initiatives, with increased emphasis on participation by local corporate groups.
Copyright Business Recorder, 2025
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