Mari Minerals acquires 5% stake in Kohesultan Mining Company

Mari Minerals, a wholly owned subsidiary of Mari Energies Limited, has entered into a definitive agreement to acquire a 5% interest in Kohesultan Mining Company (KMCL) from Siahkoh Mining Development (SMD), according to a recent bourse filing.

KMCL is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT), currently managing the Siahdiq Copper Project in Chagai, Balochistan. The acquisition is seen as a strategic move by Mari Energies to diversify into near-core sectors and bolster the growth and sustainability of Pakistan's mineral industry.

“This acquisition aligns with our strategic objectives, marking a key step in Mari Energies' broader efforts to diversify into near-core sectors and contribute towards the enhancement of the growth and sustainability of Pakistan’s mineral sector,” the company noted in its statement.

Mari Energies, an integrated exploration and production company, operates Pakistan's largest gas reservoir at Mari Gas Field in Daharki, Sindh. With around 24% market share, it is the second-largest gas producer in Pakistan, boasting the second-highest reserves base.

The company's net daily production exceeds 110,000 barrels of oil equivalent. Furthermore, over 90% of Pakistan's urea production relies on gas supplied by Mari Energies, which also provides gas to the power sector to meet the country's energy needs.

In its financial report for the quarter ending in September 2024, Mari Energies posted a net profit of PKR 19.2 billion.