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Lucky Cement has announced plans to invest up to Rs1.2 billion in National Resources (Private) Limited to advance exploration and pre-feasibility work following a significant copper-gold discovery in Chagai, Balochistan.
Lucky Cement Limited has announced plans to invest up to Rs1.2 billion in its associated company, National Resources (Private) Limited (NRL), as the company moves forward with exploration and pre-feasibility work following a significant copper and gold discovery in Chagai, Balochistan.
According to Times of Islamabad and ProPakistani, Lucky Cement’s Board of Directors has recommended an additional equity investment of up to Rs1.2 billion in NRL through the subscription of new shares and the acquisition of 250 ordinary shares from Muhammad Ali Tabba, a related party.
The proposed investment will finance NRL’s pre-feasibility activities, including geological surveys, drilling and mineral resource estimation. The investment remains subject to the required corporate and regulatory approvals, including shareholder consent under Section 199 of the Companies Act, 2017 and the relevant regulations governing investments in associated companies.
Lucky Cement currently holds a 33.33% equity stake in NRL, a joint venture established to explore and develop mineral resources, particularly copper and gold. NRL’s Chagai exploration area was awarded a licence in October 2023 and contains two known porphyry prospects with significant exploration potential.
The company said the investment would support “pre-feasibility studies, including physical geology, drilling, and mineral resource estimation,” allowing NRL to build on the results of its ongoing exploration programme.
The move follows NRL’s announcement in April of significant copper-gold mineralisation in Chagai. According to NRL, the company has identified multiple prospects across its licensed area, with the Tang Kaur prospect advancing to an advanced drilling stage.
NRL said it had completed 13 diamond drill holes covering 3,517 metres, with all holes intersecting porphyry-style alteration, quartz vein structures and sulfide mineralisation. The company reported that initial results from six drill holes confirmed mineralised zones ranging from 48 to 148 metres.
The company further reported average grades of between 0.23% and 0.48% copper, 0.09 to 0.14 grams per tonne of gold and 1.30 to 6.21 grams per tonne of silver, resulting in a copper-equivalent range of 0.28% to 0.56%. NRL said the mineralised system “remains open to the north, east, and at depth.”
Muhammad Ali Tabba, Chairman of NRL and CEO of Lucky Cement, previously said the exploration programme had identified a growing number of prospects within the licensed area, highlighting the potential for further mineral discoveries.
NRL has also secured a lead-zinc exploration licence adjacent to a known deposit with an existing Bankable Feasibility Study, adding another dimension to its broader mineral exploration strategy.
The investment marks a significant step in Lucky Cement’s diversification beyond its core cement business and into Pakistan’s growing minerals sector. With NRL continuing exploration and feasibility work in Chagai, the project could contribute to greater private-sector participation in mineral development while creating opportunities in one of Balochistan’s most resource-rich regions.
