Globacore Minerals enters joint venture with Mari Minerals

Fatima Fertilizer Company Limited, one of Pakistan’s leading fertiliser manufacturers, announced on Monday 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.

This was disclosed by the company in a notice to the Pakistan Stock Exchange (PSX) today.

The notice read that under the joint venture agreement, Mari Minerals will transfer 49% of its working interest in mineral exploration licenses EL-322 and EL-323, located in District Chagai, Balochistan, to Globacore.

The transfer is subject to the necessary corporate, regulatory, and governmental approvals.

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“Mari Minerals shall continue as the operator of the licenses and will remain responsible for undertaking exploration activities,” the listed company informed the bourse.

“Fatima Fertilizer Company Limited, as a shareholder of Globacore, views this development as a positive step in diversifying its portfolio and generating long-term value for its stakeholders.”

Fatima Fertilizer Company Limited was incorporated in Pakistan in 2003 as a result of a joint venture between Fatima Group and Arif Habib Group.

The company has three production plants situated at Multan, Sheikhupura and Sadiqabad.

The company is engaged in the manufacturing, buying, selling, importing and exporting of chemicals and fertilisers.