KARACHI: Fatima Fertilizer Company Limited announced on Monday that Globacore Minerals Limited, in which it holds a 32% equity stake, has entered into a joint venture with Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited.
According to a notice submitted to the Pakistan Stock Exchange (PSX), under the agreement Mari Minerals will transfer a 49% working interest in mineral exploration licences EL-322 and EL-323, located in Chagai district, Balochistan, to Globacore. The transfer is subject to all necessary corporate, regulatory, and governmental approvals.
Mari Minerals will continue as the operator of the licences and remain responsible for all exploration activities. Fatima Fertilizer described the transaction as a positive step towards portfolio diversification and creating long-term value for stakeholders.
Fatima Fertilizer Company Limited, incorporated in 2003 through a joint venture between the Fatima Group and Arif Habib Group, operates three production plants in Multan, Sheikhupura, and Sadiqabad, and is engaged in the manufacturing, trading, import, and export of chemicals and fertilisers.
