Karachi: Lucky Cement Limited has announced that its joint venture company, National Resources (Private) Limited (NRL), has made a significant mineral discovery in Chagai, Baluchistan. This disclosure, dated April 8, 2025, follows a previous notice issued on October 30, 2023, and reveals promising developments in the company's exploration activities.
According to the announcement, NRL, in which Lucky Cement holds a 33.33% equity stake, has identified valuable copper, silver, and gold mineralization at its first greenfield prospect, Tang Kaur. The discovery was made within 10 months of NRL being awarded an exploration license over an area with 18 potential prospects. This significant find includes intersecting mineralized zones up to 148 meters in length with a copper equivalent of up to 0.56%. The mineralized system remains open to the northeast, and further drilling is planned to determine its full extent.
The company also stated that resource drilling will commence shortly, with a technical report expected by the end of the year. Internationally recognized consultants are involved in monitoring the project. This will be followed by feasibility studies, which are projected to take two to three years to complete. Additionally, NRL has acquired a Lead-Zinc exploration license adjacent to a well-known deposit and is currently studying the feasibility of downstream processing in this domain.
According to information available from the Pakistan Stock Exchange (PSX), NRL is actively collaborating with the Government of Baluchistan and the Special Investment Facilitation Council to secure two more Copper-Gold Exploration licenses in Chagai. This effort is supported by a dedicated $100 million exploration fund. Furthermore, NRL has entered into a memorandum of understanding with the Oil and Gas Development Company to collaborate on newly acquired leases, signaling a move to involve both national and international investors in the project moving forward.
NRL emphasizes the importance of local communities as key stakeholders, supporting social development initiatives in clean water, education, healthcare, and local employment. The company reports that over 90% of its workforce is drawn from indigenous populations. In addition, NRL is committed to sustainability and fostering industry-academia collaboration.
As a shareholder in NRL, Lucky Cement views these developments as a strategic step towards diversifying its investment portfolio and enhancing long-term stakeholder value. The successful progression of NRL's exploration and resource development activities is expected to unlock significant economic potential, thereby contributing to the mining sector and broader industrial growth in Pakistan. However, the company cautions that the discovery and related activities are in preliminary stages, with further studies needed to determine their economic and commercial viability. Shareholders will be kept informed of material updates as they arise.