Ivanhoe Mines Signs MoU With Mari Energies
Ivanhoe Mines signs MoU with Mari Energies, marking the Canadian miner’s entry into South Asia. The company’s chairman, Robert Friedland, announced the deal on Thursday on the sidelines of the Pakistan Minerals Investment Forum.
Friedland said Ivanhoe was in the early stages of setting up a local office in Pakistan and would sign another MoU on Friday,. Mari Energies’ mining unit, Mari Minerals, has multiple mineral exploration projects in Pakistan, including copper and gold.
The partnership extends Ivanhoe’s presence beyond its major mineral projects in southern Africa. “We’re excited to be here in Pakistan,” Friedland said.
Ivanhoe Mines signs MoU at minerals forum
The MoU was one of the headline deals at the two-day forum in Islamabad, where federal and provincial leaders courted foreign mining firms. Pakistan’s mineral wealth has drawn growing interest from overseas investors, and the forum was designed to turn that interest into signed deals.
At the same event, Punjab Chief Minister Maryam Nawaz said there was “significant evidence” of “sufficient quantities” of placer gold in the province’s five rivers. She said gold was “literally flowing” in all five rivers, particularly in the areas of Mianwali and Attock.
Describing Pakistan as a “pot of gold”, she said its wealth lay both above and beneath the ground and needed to be explored and converted into tangible wealth.
“The wealth beneath Punjab was never a problem, never a problem, just like the whole of Pakistan, just like all four provinces and the federating units. The chaos above ground was the actual problem,” she said.
Maryam said the provincial mines and minerals department’s revenue stood at around Rs10 billion two and a half years ago but had since increased to Rs40 billion. “And it is just the beginning,” she added.
She also highlighted the province’s iron ore reserves, saying Chiniot held 261.5 million tonnes of iron ore. The provincial government was offering one-window facilitation so investors did not have to run from pillar to post, along with concessional financing of up to Rs5 billion and solar-powered energy solutions to offset high energy and fuel costs.
Dar stresses provincial partnership
Deputy Prime Minister Ishaq Dar told the forum that Pakistan’s constitutional framework made provincial partnership indispensable. The provinces were essential partners in the national undertaking, he said, and their constitutional authority and ownership of mineral resources must be respected.
Dar said Pakistan’s mineral resources were central to the next phase of the country’s economic transformation. The aim was to diversify exports, strengthen the industrial base and attract long-term investment.
He said Pakistan held substantial and diverse mineral resources, including significant copper and gold potential along the Tethyan metallogenic belt in the west of the country. The country also had deposits of iron ore, chromite, lead, zinc, coal, rock salt, marble, gypsum, gemstones and other industrial minerals.
Dar pointed to the Reko Diq copper-gold project in Balochistan as proof of what international expertise, national participation and provincial ownership could achieve. The project, designed as an open-pit mining and processing operation, will initially process 45 million tonnes of ore a year, with capacity expected to double to 90 million tonnes after Phase 2. The mine has an estimated life of 37 years, which could extend to 80 years through further exploration.
He stressed that Pakistan’s ambition should extend beyond extracting minerals and exporting them in raw form. The country needed to build the capacity to process and refine them, and to manufacture mineral-based products at home. He also emphasised local employment, skills development and the participation of Pakistani companies, saying local communities must be active participants in and beneficiaries of mineral development.
Environmental protection, workers’ safety and the rehabilitation of mining sites were essential to a successful minerals industry, he added.
The Ivanhoe deal fits that pattern. Saudi Arabia has already shown interest in Balochistan’s minerals, and Pakistan’s energy choices are under the same spotlight. Investors watched the latest sukuk auction closely, while the tax authority missed its collection target. A Canadian miner opening an office in Pakistan would add a new name to a sector that has long promised more than it delivered.
Frequently asked questions
What did Ivanhoe Mines agree with Mari Energies?
Ivanhoe Mines signed a memorandum of understanding with Mari Energies. The deal marks the Canadian company’s entry into South Asia, and Ivanhoe is in the early stages of setting up a local office in Pakistan.
Who announced the MoU?
Ivanhoe chairman Robert Friedland announced it on Thursday on the sidelines of the Pakistan Minerals Investment Forum in Islamabad.
What minerals does Mari Minerals explore?
Mari Minerals, the mining unit of Mari Energies, has multiple mineral exploration projects in Pakistan, including copper and gold.
What did Maryam Nawaz say about gold in Punjab’s rivers?
She said there was “significant evidence” of “sufficient quantities” of placer gold in Punjab’s five rivers, particularly around Mianwali and Attock, and called Pakistan a “pot of gold”.
How big is the Reko Diq project?
Reko Diq will initially process 45 million tonnes of ore a year, doubling to 90 million tonnes after Phase 2. The mine has an estimated life of 37 years, which could extend to 80 years.
