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November 13, 2026
ISLAMABAD — Ivanhoe Atlantic Inc. (“Ivanhoe Atlantic” or the “Company”), a Robert Friedland-founded U.S. strategic metals company, today announced the signing of a memorandum of understanding (“MoU”) with Mari Minerals (Private) Limited (“Mari Minerals”), outlining the principal terms for a newly established mineral exploration joint venture incorporated in Pakistan. Ivanhoe Atlantic, as the joint venture operator, aims to conduct greenfield exploration across a package of highly prospective licenses in the Province of Balochistan.
Ivanhoe Atlantic and Mari Minerals will now work to negotiate and execute definitive agreements, including a shareholders’ agreement. Completion of the proposed transaction remains subject to the execution of these agreements, receipt of all necessary corporate and regulatory approvals, incorporation of the joint venture company, and transfer of the relevant licenses into the newly formed entity. The MoU is non-binding, except for certain customary provisions.
Strategic significance of Balochistan’s vast mineral endowment
Balochistan is Pakistan’s largest province by land area and is one of the most underexplored regions of Asia. The province lies within the Tethyan Metallogenic Belt, one of the world’s richest mineral-bearing geological systems, which extends from southeastern Europe through Central Asia.
The province contains a small number of operating mines. However, Balochistan is best known for the Reko Diq Project, one of the world’s largest undeveloped copper-gold deposits with approximately 17 million tonnes of copper and 29 million ounces of gold contained in Indicated Mineral Resources. The project is being developed through a joint venture involving Barrick Mining Corporation, the Government of Balochistan and the Government of Pakistan.
Emerging US – Pakistan partnership in the development of critical minerals
The proposed joint venture between Ivanhoe Atlantic and Mari Minerals represents an important step in jointly developing Pakistan’s vast, largely untapped mineral potential. The partnership aims to combine Ivanhoe Atlantic’s international exploration, technical and financing expertise, with local knowledge and provincial participation to accelerate mineral exploration and support the development of Pakistan’s emerging mining industry.
The partnership also aligns with the United States’ strategic objective of establishing secure, diversified and resilient critical mineral supply chains. Copper, in particular, is increasingly critical to U.S. economic and national security, underpinning the rapid expansion of artificial intelligence and data centre infrastructure, the modernization of electricity grids, advanced manufacturing and the defence industrial base.
The discovery and development of new, large-scale copper deposits in strategically important regions, such as Pakistan, has the potential to strengthen U.S. supply-chain resilience, diversify sources of supply and reduce dependence on existing mineral-producing nations.
Ivanhoe Atlantic Executive Chairman, Ambassador (Ret.) Dr. J Peter Pham, commented:
“We are delighted to be partnering with Mari Minerals and the Government of Balochistan to explore the extraordinary mineral potential of this highly prospective region. We are particularly grateful for the encouragement and support we have received from both the United States Government and Pakistan’s Federal Authorities, reflecting the shared strategic importance of developing new sources of critical minerals and strengthening economic and geopolitical ties between our two nations.”
Ivanhoe Atlantic Executive Director, Mr. Bradley Doig, commented:
“Our immediate priority is to finalize the definitive agreements and mobilize a disciplined, technically rigorous exploration program. We look forward to working closely with our Pakistani partners in discovering Balochistan’s true mineral potential and creating lasting economic opportunities for the people of Pakistan.”
Mari Minerals Managing Director & CEO, Mr. Faheem Haider, commented:
“This partnership with Ivanhoe Atlantic is an important milestone for Mari Minerals and for Pakistan’s minerals sector. The Ivanhoe group’s record of turning frontier geology into world-class discoveries, combined with Mari Energies, the parent company of Mari Minerals, decades of operating experience as one of Pakistan’s leading energy companies, gives us a strong foundation to unlock the potential of the Chagai belt.”
“We are grateful to the Government of Balochistan and the Federal Government for their vision and support, and to the United States Government for its encouragement, which reflects the growing partnership between our two countries on critical minerals.”
“Our focus will be on safe, responsible and science-led exploration, carried out in close partnership with local communities.”
Mari Minerals and Mari Energies Chairman, Lt. Gen. Anwar Ali Hyder HI(M) (Retd), commented:
“We are committed to ensuring that the benefits of this partnership, including jobs, skills, local enterprise and infrastructure, reach local communities and the wider country. This strategic partnership will help build a minerals sector Pakistan can be proud of for generations.”
–ENDS —
Contact details: media@ivanhoeatlantic.com