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KARACHI: Pakistan Petroleum Limited (PPL) is expanding its mining portfolio by entering into a joint venture agreement with Degan Exploration Works to explore and develop the mineral resources.

“PPL will be investing around $11.5 million in the initial exploration phase, over a three year period to support the exploration activities,” PPL said in its information sent to Pakistan Stock Exchange on Friday.

“We are pleased to announce that Pakistan Petroleum Limited (PPL), as part of its business diversification efforts, is expanding its mining portfolio by entering into a Joint Venture Agreement (JVA)/Arrangement with Degan Exploration Works (DEW) to explore and develop the mineral resources in exploration license EL-207, in District Chagai, Balochistan,” the information said adding that PPL and DEW shall have interests of 49 percent and 51 percent respectively.

DEW, the operator of EL-207, is a wholly owned subsidiary of Frontier Works Organization and has been awarded exploration rights by the Government of Balochistan. The subject license area is located in the Chagai Metallogenic belt which is well-known for world-class copper and gold deposits such as Reko Diq and Saindak.

Subject to all relevant corporate and regulatory approvals, PPL will be investing around $11.5 million in the initial exploration phase, over a three year period to support the exploration activities pursuant to the aforementioned exploration license, ie, EL-207.

“We are optimistic that this venture will provide strategic advantages to the Company within the mineral-rich Chagai Metallogenic belt,” PPL said.

Copyright Business Recorder, 2024

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