Globacore Minerals Limited has entered into a strategic joint venture with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited, to carry out mineral exploration in Balochistan’s mineral-rich Chaghai district, according to a notice issued to the Pakistan Stock Exchange (PSX).
Under the agreement, Globacore Minerals will acquire a 49 percent working interest in two mineral exploration licences — EL-322 and EL-323 — while Mari Minerals will retain operatorship and remain responsible for all exploration activities. The transaction is subject to the completion of corporate, regulatory, and governmental approvals.
Fatima Fertilizer Company Limited, which holds a 32 percent equity stake in Globacore Minerals, disclosed the development to the PSX, describing it as part of its long-term portfolio diversification strategy.
The company said the partnership provides indirect exposure to Pakistan’s mining and minerals sector while leveraging Mari Minerals’ technical expertise, geological capabilities, and experience in large-scale exploration projects.
“This investment aligns with our objective of generating long-term value through diversification, while contributing to the development of Pakistan’s domestic mineral resources,” Fatima Fertilizer said in its filing.
The two exploration licences under the joint venture cover a combined area of more than 1,000 square kilometres in District Chaghai — a region widely regarded as Pakistan’s most mineral-rich belt. The area hosts major copper-gold projects, including Reko Diq and Saindak, and is considered highly prospective for copper, gold, and associated metallic minerals.
Mari Minerals, backed by Mari Energies Limited, brings extensive experience in geological surveys, drilling operations, and project execution in challenging terrains, making it well-positioned to lead exploration efforts under the joint venture.
Market participants view the partnership as a risk-sharing arrangement, allowing both companies to pool financial and technical resources during the high-risk exploration phase. While Globacore gains exposure to a strategic mineral belt, Mari Minerals retains operational control, ensuring continuity and technical oversight.
Exploration activities under the joint venture are expected to commence following the receipt of regulatory approvals.
The development comes amid renewed government focus on Pakistan’s mining sector, with authorities promoting investment-led resource development and encouraging greater participation by local corporate groups.
Earlier, on December 19, Mari Energies Limited had separately disclosed to the PSX that its subsidiary, Mari Minerals, had entered into a joint venture with Globacore Minerals for mineral exploration activities in Balochistan, confirming the strategic importance of the partnership.
Fatima Fertilizer said shareholders would be kept informed of any further material developments in accordance with applicable laws and PSX regulations.
