Ivanhoe Mines, Mari Minerals sign copper, gold deal in Chagai
The deal was signed on the sidelines of the Pakistan Minerals Investment Forum in Islamabad.
Ivanhoe Mines and Mari Minerals signed an agreement on Friday to explore copper and gold deposits in Chagai district of Balochistan, the state broadcaster Radio Pakistan reported.
The companies signed the deal on the sidelines of the Pakistan Minerals Investment Forum in Islamabad.
Under the agreement, the two firms will explore the copper and gold deposits and assess the potential of mineral resources in Chagai.
Petroleum Minister Ali Pervaiz Malik attended the signing ceremony.
Malik also held a series of meetings with heads and senior representatives of international mining and investment companies to discuss investment opportunities in Pakistan's minerals sector.
He met Barrick Corporation Chairman John Thornton and the company's senior leadership, and Thornton said he was always pleased to visit Pakistan.
Malik also met Andrew Neilson, chief executive of British mining and engineering company Weir, who said the firm wants to expand its involvement in Pakistan.
Neilson said the interest covers the Reko Diq project as well as other mineral development initiatives.
In a separate meeting, Ibrahim El Gazzar, head of metals and minerals for the Middle East and North Africa at Trafigura, said the company is keen on Pakistan's zinc and barite projects.
The company also said it wants to explore investment in the LPG, bonded storage and refinery sectors.
The minister further met Mustafa Aksoy, chief executive of Turkish company Calik Holding, and a delegation of Ivanhoe Mines led by Robert Friedland.
Speaking at the event, Malik said the Pakistan Minerals Investment Forum gives international investors an important platform to connect with opportunities in the country.
He said the growing interest of international companies shows the rising potential for investment in Pakistan's mineral resources.
Reko Diq, a large copper and gold project in Balochistan, is located in the Chagai region and is the main minerals venture cited in the talks with Barrick and Weir.
