Karachi May 24 2024: Pakistan Petroleum Limited (PPL), as part of its business diversification efforts, is expanding its mining portfolio by entering into a Joint Venture Agreement (JVA) with Degan Exploration Works (DEW) to explore and develop mineral resources in exploration license EL-207, located in District Chagai, Balochistan.
PPL and DEW will have interests of 49% and 51%, respectively.
DEW, the operator of EL-207, is a wholly-owned subsidiary of Frontier Works Organization and has been granted exploration rights by the Government of Balochistan. The license area is situated in the Chagai Metallogenic Belt, renowned for world-class copper and gold deposits such as Reko Diq and Saindak.
Subject to all relevant corporate and regulatory approvals, PPL will invest approximately USD 11.5 million in the initial exploration phase over three years to support exploration activities under the EL-207 license. We are optimistic that this venture will provide strategic advantages to the Company within the mineral-rich Chagai Metallogenic Belt.
