ISLAMABAD: Ivanhoe Mines signed a memorandum of understanding with Pakistan’s Mari Energies on Thursday, the Canadian company’s chairman Robert Friedland said on the sidelines of the Pakistan Minerals Investment Forum.
Friedland said Ivanhoe is in the early stages of setting up a local office in Pakistan and will sign another MoU on Friday.
Mari Energies’ mining unit, Mari Minerals, has multiple mineral exploration projects, including copper and gold in Pakistan.
The partnership marks the Canadian miner’s entry into South Asia, expanding its presence beyond its major mineral projects in southern Africa.
“We’re excited to be here in Pakistan,” Friedland said.
Pakistan has been stepping up efforts to attract foreign investment in mineral resources.
The country last year said it was planning to offer concessions to US companies to invest in its mining sector as part of negotiations with Washington over tariffs.
However, earlier this year gold miner Barrick Mining extended its review of the massive Reko Diq copper-gold project in Pakistan amid escalating security concerns in the South Asian country and the Middle East.