Canadian mining company Ivanhoe Mines has signed a memorandum of understanding (MoU) with Pakistan’s Mari Energies. The agreement was announced on Thursday by Ivanhoe Mines Chairman Robert Friedland during the Pakistan Minerals Investment Forum in Islamabad.
The partnership allows Ivanhoe Mines to enter the South Asian market, expanding its international footprint beyond its primary mining projects in southern Africa. Mari Minerals, the mining subsidiary of Mari Energies, currently manages several mineral exploration projects in Pakistan involving gold and copper.
Friedland stated that the company is currently in the early stages of establishing a local office in Pakistan. He further noted that the company planned to sign another MoU on Friday. During the forum, Friedland said, “We’re excited to be here in Pakistan.”
The deal occurs as Pakistan increases efforts to draw international investment into its largely untapped mineral resources. Last year, the government discussed offering concessions to US companies interested in the mining sector as part of tariff negotiations with Washington.
Despite these efforts, security concerns remain a challenge for large-scale mining investments. Earlier this year, Barrick Mining extended its review of the Reko Diq copper and gold project in Balochistan due to escalating security concerns in Pakistan and the Middle East. The Reko Diq project is designed to initially process 45 million tonnes of ore annually, with a planned increase to 90 million tonnes after its second phase. The project has an estimated operational life of 37 years, which could potentially extend to 80 years through further exploration and resource development.
