Daily Times

Mari Mining Company (Pvt) Limited (MMC), a wholly-owned subsidiary of Mari Petroleum Company Limited (MARI), has received licenses to explore minerals in Chagai district, Balochistan.

MARI, one of Pakistan’s largest energy and exploration companies, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“The Directorate General Mines and Minerals Balochistan has granted two Exploration Licenses EL-322 and EL-323, and allotted area of 501.03 sq. km and 512.76 sq. km, respectively, for mineral exploration in district Chagai of Balochistan to Mari Mining Company (Pvt) Limited (MMC), which is a wholly owned subsidiary of Mari Petroleum Company Limited (MPCL),” read the notice.

The mining sector in Balochistan, home to rich deposits of minerals and natural resources, has picked up pace in recent times especially, after the formation of Special Investment Facilitation Council (SIFC).

Earlier in May, the National Resources Limited (NRL) which is a subsidiary of YB Pakistan Limited, Reliance Commodities (Private) Limited and Liberty Mills Limited, received an exploration lease for minerals in Chagai district.

The NRL was leased out an area of 500 sq. km in Chagai area.

Meanwhile, MARI in its notice on Wednesday informed that MMC was established to undertake mineral mining projects within the country.

“The grant of new licenses aligns with MARI’s strategy to expand its portfolio of mining projects and reflects its commitment to contributing to the growth of Pakistan’s mineral mining sector,” it added.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas in the country.

The company is an integrated oil and gas exploration and production company and around 70% exploration success rate, which is much higher than industry averages of around 33% national and 14% international.