MPCL enters into mining exploration in Balochistan

MPCL’s agreement pertains to a joint venture arrangement through a company National Resources (Pvt) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan

KARACHI: Mari Petroleum Company Limited (MPCL) has agreed with a consortium of companies including Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited for Potential Mining Projects in Balochistan.

In a statement issued to Pakistan Stock Exchange, MPCL announced after the Board’s approval, MPCL has agreed with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited.

The agreement pertains to a joint venture arrangement through a company (National Resources (Private) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan.

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Meanwhile, these projects will involve, inter alia, exploration, survey, extraction, excavation, mining, and sale of produced minerals. MPCL, in the initial stages, will acquire approximately up to 20% equity share in NRL.

However, the joint venture is subject to necessary regulatory approvals from relevant authorities, including clearance from the Competition Commission of Pakistan, under the Competition Act, 2010 and, in due course, the grant of necessary license(s) and lease(s).

Moreover, as part of its long-term growth strategy, MPCL evaluates multiple opportunities in near- core and non-core sectors to diversify its business, including mineral exploration in the country’s prospective areas.

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