Friedland’s Ivanhoe Atlantic targets Pakistan copper

Ivanhoe Atlantic has signed a memorandum of understanding (MOU) with Pakistan’s Mari Minerals, a subsidiary of Mari Energies (PSX: MARI), to pursue mineral exploration opportunities in Balochistan province, marking the United States-based strategic metals company’s entry into South Asia.

Billionaire Robert Friedland announced the agreement Thursday, on the sidelines of the Pakistan Minerals Investment Forum. Friedland is the founder and chairman of I-Pulse Inc., a United States-based company that holds a majority stake in Ivanhoe Atlantic.

Ivanhoe Atlantic is developing the Kon Kweni iron ore project in Guinea, its main asset. It is a separate company from Toronto-listed Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF).

Venture operator

Under the proposed joint venture, Ivanhoe Atlantic would serve as operator and conduct early-stage exploration across a package of mineral licences in Balochistan, Pakistan’s largest province. The companies plan to combine Ivanhoe’s technical and financing expertise with Mari Minerals’ local knowledge and operating experience.

Friedland said Ivanhoe Atlantic was beginning to establish a local office and expected to sign another agreement Friday, according to Reuters. Mari Minerals, the mining subsidiary of Mari Energies, has several copper and gold exploration projects in Pakistan.

“We’re forming equal partnerships,” Friedland told reporters when asked about the MOU’s structure and timeline. He said the company is seeking to bring international expertise to Pakistan to accelerate mineral discoveries.

Equal partnerships

While Friedland indicated that Ivanhoe Atlantic intends to pursue equal partnerships in Pakistan, he didn’t confirm whether the agreement with Mari Minerals would follow a 50-50 ownership structure.

The MOU, which is non-binding except for certain customary provisions, outlines the principal terms of the proposed joint venture, but the companies must still negotiate definitive agreements, secure corporate and regulatory approvals, establish the joint venture entity and transfer the relevant exploration licences. Financial terms and a timetable for completing the transaction haven’t been disclosed.

The move gives Ivanhoe Atlantic a foothold in a largely underexplored mineral jurisdiction as Pakistan seeks foreign capital and technical expertise to develop its copper and gold resources. Ivanhoe Atlantic said the proposed partnership also aligns with Washington’s efforts to diversify critical mineral supply chains, particularly for copper used in electricity grids, data centres, advanced manufacturing and defence. Security concerns and infrastructure challenges remain significant obstacles to attracting international investment.

Exploration potential

Friedland said the venture would draw on experience from Friedland-linked companies in Mongolia, the Democratic Republic of Congo (DRC) and Saudi Arabia as it establishes a presence in Pakistan.

Pakistan’s copper and gold potential is supported by a vast mineralized geological belt extending from Turkey and Iran through Afghanistan and Pakistan into western China and Mongolia, Friedland told MINING.COM. Balochistan, which lies within the mineral-rich Tethyan Metallogenic Belt. hosts relatively few operating mines despite its extensive mineral potential.

“Pakistan is profoundly unexplored,” Friedland said in an interview Thursday, pointing to advances in geophysical surveying, remote sensing and artificial intelligence that could help identify deposits more quickly than traditional exploration methods.

Immediate priority

Ivanhoe Atlantic ‘s immediate priority is to finalize the agreements and mobilize a technically rigorous exploration program, director Bradley Doig said.

Mari Minerals managing director and CEO Faheem Haider expects the partnership to focus on unlocking the potential of the Chagai belt, drawing on Mari Energies’ decades of operating experience in Pakistan.

Successful mining development depends on local communities sharing directly in the economic benefits, including employment, education and infrastructure improvements, Friedland added.

Drawing on his experience in Africa, the executive said community participation is essential to securing long-term support for mining operations and avoiding disputes that can disrupt projects.

Mari Minerals and Mari Energies chairman Anwar Ali Hyder echoed that emphasis, saying the partnership should generate jobs, skills development, local business opportunities and infrastructure improvements.

Investment challenges

Pakistan has been courting foreign mining companies to help unlock its mineral wealth, including plans announced last year to offer concessions to U.S. investors as part of broader tariff negotiations with Washington, Reuters reported.

Ivanhoe Atlantic executive chairman J. Peter Pham said the proposed venture had received encouragement from the US government and Pakistani federal authorities, reflecting growing cooperation between the two countries on critical minerals.

The country hosts major copper and gold deposits, including Reko Diq in Balochistan, one of the world’s largest undeveloped copper-gold projects. The project is being developed through a joint venture involving Barrick Mining, Pakistan’s federal government and the Balochistan provincial government.

However, the investment push faces significant obstacles. Barrick Mining (TSX: ABX; NYSE: B) said earlier this year it would slow development and extend its review of Reko Diq until mid-2027 amid escalating security concerns in Pakistan and the Middle East, underscoring the risks facing foreign companies operating in the region.

Developing new mines will also require substantial investment in transport infrastructure, energy and skilled labour. Friedland said lessons from Ivanhoe Mines’ Kamoa-Kakula copper complex in the DRC demonstrate the importance of reliable rail and port connections to make large-scale mining competitive.