Fatima Fertilizer Company Limited has informed the Pakistan Stock Exchange that its associate company, Globacore Minerals Limited, has entered into a joint venture agreement with Mari Minerals (Private) Limited for mineral exploration in Balochistan’s mineral-rich Chaghai district.
According to the filing, Fatima Fertilizer holds a 32 percent equity stake in Globacore Minerals. Under the agreement, Mari Minerals, a wholly owned subsidiary of Mari Energies Limited, will transfer 49 percent of its working interest in two exploration licenses, EL-322 and EL-323, to Globacore, subject to the receipt of all required corporate, regulatory and governmental approvals.
The exploration licenses are located in District Chaghai, widely regarded as Pakistan’s most prospective mineral belt and home to globally significant copper-gold deposits such as Reko Diq and Saindak. Mari Minerals will continue to serve as the operator of the licenses and will remain responsible for conducting exploration activities under the joint venture arrangement.
The company said the transaction represents a strategic diversification for Fatima Fertilizer, providing exposure to the mining and minerals sector while leveraging Mari Minerals’ technical expertise and operational capabilities. Market participants view the partnership as a risk-sharing arrangement, enabling both parties to pool technical and financial resources during the high-risk exploration phase.
The licenses cover a combined area of over 1,000 square kilometers. Fatima Fertilizer said exploration activities will commence following regulatory approvals, aligning with broader national efforts to unlock Pakistan’s mineral potential through increased local participation.
