Lucky Cement to Invest Rs. 1.2 Billion in National Resources Following Copper-Gold Discovery in Balochistan

Lucky Cement Limited, one of Pakistan’s leading cement manufacturers, has announced plans to invest up to Rs. 1.2 billion in its associated company, National Resources (Private) Limited (NRL), following a major copper and gold discovery in Chagai, Balochistan. The company disclosed the decision in a notice to the Pakistan Stock Exchange (PSX) on Monday. According to the notice, the Board of Directors has recommended an additional equity investment of up to Rs. 1.2 billion in NRL. This will involve subscribing to new shares of NRL and acquiring 250 ordinary shares from Muhammad Ali Tabba, a related party of the company. The investment is aimed at supporting NRL’s pre-feasibility studies, which include physical geology, drilling, and mineral resource estimation. However, the move is subject to corporate and regulatory approvals, including shareholder consent under Section 199 of the Companies Act, 2017, and the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017. NRL, in which Lucky Cement holds a 33.33% equity stake, is a joint venture focused on the exploration and mining of metals, particularly gold and copper. The company made headlines in April with the announcement of significant copper-gold mineralisation in Chagai, a region known for its rich mineral deposits. The licensed area, awarded to NRL in October 2023, includes two porphyry prospects with strong exploration potential, further solidifying the company’s position in the mining sector.