Ivanhoe Mines Signs MoU With Mari Energies to Enter Pakistan's Mineral Sector

Canadian mining company Ivanhoe Mines has signed a memorandum of understanding with Pakistan's Mari Energies, formally entering the South Asian market as the country works to draw foreign investment into its mineral sector. The agreement was announced by Ivanhoe Mines Chairman Robert Friedland on Thursday on the sidelines of the Pakistan Minerals Investment Forum in Islamabad.

Friedland said the company is in the early stages of setting up a local office in Pakistan and intends to sign a second memorandum of understanding on Friday. The deal pairs the Canadian miner with a local energy company that already has a foothold in mineral exploration through its subsidiary Mari Minerals, which is involved in several exploration projects in the country, including copper and gold.

The partnership extends Ivanhoe Mines' international presence beyond its major mining operations in southern Africa. "We're excited to be here in Pakistan," Friedland said at the forum.

The agreement comes as Pakistan steps up efforts to attract international mining companies to its largely undeveloped mineral resources. The government has previously discussed offering concessions to US companies interested in the mining sector as part of negotiations with Washington over tariffs.

Security concerns, however, remain a challenge for large-scale mining investment. Earlier this year, Barrick Mining extended its review of the Reko Diq copper and gold project in Balochistan amid heightened security concerns in Pakistan and the Middle East. The Reko Diq project is designed to initially process 45 million tonnes of ore annually, with capacity expected to rise to 90 million tonnes after a second phase is completed. It has an estimated operational life of 37 years, potentially extending to 80 years through further exploration and resource development.