Lucky Cement Limited, one of Pakistan’s largest cement manufacturers, has announced an investment of up to Rs. 1.2 billion in its associated company, National Resources (Private) Limited (NRL), following the discovery of major copper and gold reserves in Chagai, Balochistan.
The development was disclosed in a notice sent by the company to the Pakistan Stock Exchange (PSX) on Monday.
According to the notice, the company’s Board of Directors has proposed making an additional equity investment of up to Rs. 1.2 billion in NRL. This will be executed through the purchase of new shares in NRL as well as the acquisition of 250 ordinary shares in NRL from a related party, Muhammad Ali Tabba.
The company said that the investment will be used for pre-feasibility studies for NRL, including physical geology, drilling, and mineral resource estimation.
The notice added that the investment will be subject to necessary corporate and regulatory approvals, including shareholders’ approval under Section 199 of the Companies Act, 2017, and the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017.
NRL is a joint venture company in which Lucky Cement holds a 33.33 percent stake. It was primarily established for exploration and mining projects involving metals such as gold and copper.
In April, NRL announced the discovery of substantial copper and gold mineral reserves in Chagai, Balochistan.
