Ivanhoe Atlantic signed a memorandum of understanding (MoU) with Pakistan‘s Mari Energies on Thursday, Robert Friedland, chairperson of Ivanhoe Atlantic‘s largest shareholder, said on the sidelines of the Pakistan Minerals Investment Forum.
Friedland said Ivanhoe Atlantic is in the early stages of setting up a local office in Pakistan and will sign another MoU on Friday.
Mari Energies‘ mining unit, Mari Minerals, has multiple mineral exploration projects, including copper and gold in Pakistan.
The partnership marks Ivanhoe Atlantic‘s entry into South Asia, expanding its presence beyond its major mineral projects in southern Africa.
“We’re excited to be here in Pakistan,” Friedland said. Friedland is the co-founder and chairman of I-Pulse, which is Ivanhoe Atlantic‘s largest shareholder.
Pakistan has been stepping up efforts to attract foreign investment in mineral resources.
The country last year said it was planning to offer concessions to US companies to invest in its mining sector as part of negotiations with Washington over tariffs.
However, earlier this year gold miner Barrick Mining extended its review of the massive Reko Diq copper-gold project in Pakistan amid escalating security concerns in the South Asian country and the Middle East.