Ivanhoe Mines signs MoU with Mari Energies at Pakistan minerals forum
Chairman Robert Friedland says the Canadian company is setting up a local office in Pakistan and will sign a second agreement on Friday, with no financial terms disclosed.
Canadian miner Ivanhoe Mines signed a memorandum of understanding with Pakistan's Mari Energies on the sidelines of the Pakistan Minerals Investment Forum, the company's chairman Robert Friedland said. Dawn and Business Recorder both reported the signing on Thursday, and Business Recorder datelined its report from Islamabad.
Friedland said Ivanhoe is in the early stages of setting up a local office in Pakistan and will sign another MoU on Friday. The reports did not give the value of Thursday's agreement, the specific projects it covers, or a date for work to start.
Mari Energies' mining unit, Mari Minerals, has several mineral exploration projects in Pakistan, including copper and gold, according to Dawn. Dawn reported that the partnership marks the Canadian miner's entry into South Asia, extending its presence beyond its major mineral projects in southern Africa.
The reports differ on who signed. Dawn and Business Recorder named Ivanhoe Mines as the counterparty and Friedland as its chairman. Arab News PK named Ivanhoe Atlantic in its headline. Energy Update reported that the agreement covers copper and gold exploration in Balochistan, and named Mari Minerals rather than Mari Energies as the Pakistani party. Those details did not appear in the other three reports.
Friedland said a second agreement would be signed on Friday. The reports did not say which company it would be with or what it would cover.
None of the four reports carried a statement from Mari Energies, from Ivanhoe's office in Canada, or from a government department on the agreement.
How the reports differ
Dawn and Business Recorder named Ivanhoe Mines as the signatory and Robert Friedland as its chairman; Arab News PK's headline named Ivanhoe Atlantic instead. Energy Update alone reported that the agreement covers copper and gold exploration in Balochistan, and it named Mari Minerals rather than Mari Energies as the Pakistani party. Dawn and Business Recorder both framed the deal as the Canadian company's entry into South Asia, while Energy Update's headline tied it to a single province.
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