Islamabad, December 22, 2025 – Globacore Minerals Limited has entered into a significant joint venture agreement with Mari Minerals (Private) Limited, a wholly-owned subsidiary of Mari Energies Limited (formerly Mari Petroleum Company Limited), to explore minerals in Pakistan’s resource-rich Chagai district, Balochistan.
Under the terms of the agreement, announced via a notice to the Pakistan Stock Exchange (PSX) by Fatima Fertilizer Company Limited – which holds a 32% equity stake in Globacore – Mari Minerals will transfer 49% of its working interest in two mineral exploration licenses, EL-322 and EL-323, to Globacore. These licenses, covering approximately 501 square kilometers, were originally granted to Mari Minerals (formerly Mari Mining Company) in 2024 by the Directorate General Mines and Minerals Balochistan.
Mari Minerals will retain operatorship of the licenses and continue to lead exploration activities, ensuring operational continuity. The transfer is subject to necessary corporate, regulatory, and governmental approvals
The Chagai district is known for its substantial potential in copper, gold, and other precious minerals, aligning with Pakistan’s push to develop its mining sector amid global demand for critical resources. Mari Energies has been actively diversifying beyond hydrocarbons into minerals, with previous acquisitions and partnerships in the same region, including stakes in other Chagai licenses and projects like the Siahdiq Copper Project.
Fatima Fertilizer, a major player in Pakistan’s fertilizer industry with production plants in Multan, Sheikhupura, and Sadiqabad, views the development positively. “As a shareholder of Globacore, [we] view this development as a positive step in diversifying its portfolio and generating long-term value for its stakeholders,” the company stated.
This joint venture underscores growing private sector interest in Balochistan’s untapped mineral wealth, potentially contributing to economic growth, job creation, and foreign exchange earnings. Analysts see it as part of broader efforts to attract investment in the mining sector, which has historically faced challenges related to security and infrastructure.
No financial details of the transaction, such as investment commitments or valuations, have been disclosed. The partnership could pave the way for advanced exploration and eventual mining operations if commercially viable deposits are confirmed.