Canadian mining company signs MoU with Mari Energies in South Asia push

Canadian mining company Ivanhoe Mines has signed a memorandum of understanding (MoU) with Mari Energies to expand its presence in South Asia. The deal, announced at the Pakistan Minerals Investment Forum, marks the Canadian miner's entry into the region beyond its major projects in southern Africa. Ivanhoe chairman Robert Friedland stated that the company is establishing a local office in Pakistan and will sign another MoU later on Friday.

Mari Energies' mining unit, Mari Minerals, has several mineral exploration projects in the country, with a focus on copper and gold in Punjab. Punjab Chief Minister Maryam Nawaz highlighted the significant potential for placer gold in the province's five rivers, noting that "significant evidence" of placer gold flowing in the rivers was present, particularly in Mianwali and Attock.

She described Pakistan as a "pot of gold," emphasizing that both above and beneath the ground, the country's wealth needed to be explored and converted into tangible assets. The provincial mines and minerals department's revenue has grown from around Rs10 billion to Rs40 billion in the past two and a half years. Maryam also highlighted Chiniot's 261.5 million tonnes of iron ore reserves and announced that the provincial government was taking steps to facilitate investment in the mining sector, including one-window facilitation and concessional financing of up to Rs5 billion.

Deputy Prime Minister Khawaja Nazimuddin emphasized the importance of provincial partnership in Pakistan's mineral development, stating that provinces possess substantial copper and gold potential along the Tethyan metallogenic belt in the west of the country. He stressed that Pakistan should not only extract minerals but also develop the capacity to process, refine, and manufacture mineral-based products domestically, creating long-term employment, skills development, and economic growth for local communities.