Globacore Minerals bets on homegrown capital to unlock Pakistan’s mineral wealth

Globacore Minerals, backed by six conglomerates, seeks domestic private investment in early-stage mineral exploration

 

As Islamabad prepares to host the Pakistan Minerals Investment Forum 2026 (PMIF26) on 12–13 November, a new source of capital is entering the country's mineral sector: Pakistan's own business community.

Globacore Minerals, owned by six of the country's leading business groups, is at the forefront of this shift, betting that domestic investment in early-stage exploration can help turn Pakistan's mineral potential into a lasting source of growth and export earnings.

The economic case is significant. Pakistan has identified 92 minerals, 52 of them extracted commercially, yet mining contributes less than 3% of GDP, according to an ICMA Pakistan policy note. An OGDCL report estimates that mineral exports of around $3 billion a year could reach $8 billion with effective policies.

Globacore Minerals brings together Fatima Group, Arif Habib Group, Lake City Holdings, Hilton Pharma, Soorty Enterprises and DIN Group, whose businesses span agriculture, finance, textiles, pharmaceuticals and real estate.

Fatima Fertilizer holds a 32% stake in the company. With about 2,764 sq km under exploration, one of the largest portfolios in Pakistan according to the company, Globacore Minerals is exploring for copper, gold, antimony and other critical minerals in Balochistan's Chagai belt, the Washuk area and beyond.

Mr Ali Mukhtar, Director at Fatima Group and CEO of Globacore Minerals:

Pakistan has the geology and it has the policy momentum. What exploration needs now is patient capital, and Pakistan's own business community is ready to provide it.

Exploration is the riskiest and longest stage of mining. Years of mapping, surveying, sampling and drilling come before any decision to build a mine, and most targets never reach that point. Globally, however, the need for new supply is pressing. The International Energy Agency warns that today's pipeline of mine projects points to a potential 30% shortfall in copper supply by 2035.

International lenders are already showing confidence in Pakistan's flagship project. Reko Diq in Chagai has secured $3.5 billion in debt financing from the IFC, the Asian Development Bank, US EXIM and other international lenders for its $7.7 billion first phase. Ali Mukhtar sees domestic capital as the next step in building a pipeline of projects behind it.


He quoted:

When Pakistani businesses commit their own capital to the country's minerals, it sends a strong signal to international investors. Our role is to help build the next generation of projects, working alongside national companies and global partners.

With clear policy, international partnerships, and science-led exploration, Pakistan's mineral wealth can become one of the strongest drivers of its economic future

Partnership with national companies is central to how Globacore Minerals operates. In December 2025, it entered a joint venture with Mari Minerals, a subsidiary of Mari Energies, covering two exploration licences in District Chagai, with Mari as operator.

The company says exploration there has progressed to the drilling stage. Globacore Minerals is also pioneering advanced exploration technologies in Pakistan.

Working with international experts, it integrates magnetic surveys, ambient noise tomography, 3D induced polarisation and AI to sharpen drill targets, reduce unnecessary drilling and lower costs. Its exploration programme is led by Nick Winer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Qualified Person.

Representing Globacore Minerals, Ali Mukhtar will also be speaking on the panel "Backing the Drill Bit: Capital Deployment in Early-Stage Mineral Exploration" during the opening day of PMIF2 6. For him, the case is a national one.