Globacore Minerals enters joint venture with Mari Minerals

Fatima Fertilizer Company Limited, one of Pakistan’s leading fertiliser manufacturers, announced on Monday that Globacore Minerals Limited, in which it holds a 32% equity stake, has entered into a joint venture agreement with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited. This was disclosed by the company in a notice to the Pakistan Stock Exchange (PSX) today. The notice read that under the joint venture agreement, Mari Minerals will transfer 49% of its working interest in mineral exploration licenses EL-322 and EL-323, located in District Chagai, Balochistan, to Globacore.The transfer is subject to the necessary corporate, regulatory, and governmental approvals.