Ivanhoe Atlantic has entered a non-binding agreement with Mari Minerals, which belongs to the listed group Mari Energies, that opens a new route for Pakistan copper mining in Balochistan. Robert Friedland, the billionaire who chairs I-Pulse Inc., a US company that owns most of Ivanhoe Atlantic, announced the deal on Thursday alongside the Pakistan Minerals Investment Forum. It marks the company's first move into South Asia. The signatory is Ivanhoe Atlantic, a separate company from Ivanhoe Mines.
What the deal covers
Under the proposed joint venture, Ivanhoe Atlantic would act as operator and carry out early-stage exploration across a group of mineral licences in Balochistan, the country's biggest province. The two sides plan to pair Ivanhoe's engineering and funding know-how with Mari Minerals' knowledge of the local area and its operating record. Mari Minerals already runs several copper and gold exploration projects in Pakistan, and Ivanhoe said it was setting up a local office.
Friedland told reporters the partnerships would be equal, though he did not confirm whether the Mari arrangement would be split 50-50. He also said a further agreement was expected to be signed on Friday, without giving details. The non-binding document sets out the main terms, but the companies still have to negotiate final agreements, win corporate and regulatory approvals, create the joint venture company and transfer the exploration licences to it. The parties have not made public the money side of the deal or when it would be completed.
Why investors are looking at Balochistan
Pakistan is seeking overseas money and technical know-how to develop its copper and gold resources. Reko Diq, which is counted among the biggest yet-to-be-developed copper and gold ventures in the world, lies in Balochistan. Ivanhoe Atlantic's own announcement put the project's indicated resources at about 17 million tonnes of copper and 29 million ounces of gold. A joint venture of Barrick Mining, the federal government and the Balochistan provincial government is developing it.
Friedland described Pakistan as largely unexplored and pointed to a mineral belt reaching from Turkey and Iran eastward to western China and Mongolia. Balochistan sits within the Tethyan Metallogenic Belt, a geological zone that stretches across southeastern Europe and into Central Asia, yet the province has few working mines. Ivanhoe's executive chairman, J Peter Pham, said US government and federal authorities in Pakistan had backed the venture. This fits with earlier plans, announced last year, to grant mining rights to American investors as part of trade talks with Washington.
Risks and next steps
The investment push faces hurdles. Barrick Mining pushed back its review of Reko Diq earlier this year as security worries grew in Pakistan and the Middle East. New mines also need heavy spending on transport, energy and skilled workers. Friedland pointed to Ivanhoe's Kamoa-Kakula operation in the Democratic Republic of Congo as proof that dependable rail and port links make large mines competitive.
Friedland also argued that local communities should share directly in gains such as jobs, schooling and infrastructure. Ivanhoe's executive director, Bradley Doig, said the immediate priority is to finalise the agreements and start a rigorous exploration programme. Mari Minerals' managing director and CEO, Faheem Haider, said the partnership would focus on the Chagai belt. For Pakistan copper mining, the next test is whether this non-binding MoU becomes a binding joint venture.
Aasan alfaaz mein
Ivanhoe Atlantic ne Mari Minerals ke saath Balochistan mein tambe (copper) aur sone ki talash ke liye ek non-binding samjhota kiya hai. Pakka agreement, approvals aur financial terms abhi tak saamne nahi aaye. Aam aadmi ke liye abhi qeemat, bill ya naukri mein koi tabdeeli nahi aayi. Agar yeh joint venture aage barhta hai to faida tab hoga jab maqami logon ko naukri aur buniyadi suhuliyat mein hissa milega.
