South West Pinnacle Exploration Secures Multiple Contracts Valued in Tens of Crores
South West Pinnacle Exploration Ltd (SWPE) has been awarded several significant Letters of Award and Work Orders for exploration, drilling, and related support services, totaling over ₹ 15.17 Crores (including GST). These contracts involve both coal and gold mineral projects across Chhattisgarh and Andhra Pradesh.The company secured a major contract from the Central Mine Planning & Design Institute Limited (CMPDI), a wholly owned subsidiary of Coal India Limited. This award is for Detailed Exploration (G-1) in a Coal Block located in the state of Chhattisgarh, valued at approximately ₹ 14.04 Crores (including GST). The execution period for this project is set at 560 days.
The work involves CMPDI providing the exploration scheme and approving borehole locations, while SWPE must manage statutory clearances within forest areas as part of its responsibilities.
Gold Mining Contracts Awarded by GSIPL
Additionally, South West Pinnacle Exploration secured two distinct work orders from Geomysore Services (India) Pvt. Ltd (GSIPL), an established player in the mining sector. These contracts relate to gold mining projects in Andhra Pradesh.The two specialized assignments are Reverse Circulation (RC) drilling and Diamond Core drilling. The total value of these contracts is ₹ 7.49 Crores, including GST.
Details regarding the awarded contracts:
| Project Type | Awarding Entity | State | Contract Value (incl. GST) | Duration |
|---|---|---|---|---|
| Detailed Exploration (G-1) | CMPDI | Chhattisgarh | ₹ 14.04 Crores | 560 days |
| Reverse Circulation Drilling | GSIPL | Andhra Pradesh | ₹ 1.13 Crores | Short duration |
| Diamond Core Drilling | GSIPL | Andhra Pradesh | ₹ 6.36 Crores | 210 days |
The two gold mining contracts were awarded to M/s South West Resources Private Limited.
Key Contract Details and Operational Scope
The RC drilling project involves carrying out Reverse Circulation (RC) drilling in the gold mining project, with an aggregate value of ₹ 1.13 Crores. The terms specify that borewell depth must range from 10 to 50 meters and SWPE will be responsible for equipment maintenance while the order is underway.The Diamond Core mineral drilling work order, valued at ₹ 6.36 Crores and set for a duration of approximately 210 days, involves operations where maximum hole depth can reach up to 1000 meters. The company's responsibilities include ensuring safety and health compliance, as well as transporting water for drilling to the site, sourced as intimated by GSIPL.
The significance of gold exploration in India was highlighted in relation to the project, noting that such a discovery aligns with the national goal of reducing Gold imports and supporting 'Atma Nirbhar Bharat'. The majority of revenue from these projects is anticipated within the current financial year due to their short duration.
SOUTHWEST Stock Price Movement
Shares of South West Pinnacle Exploration Limited are edging higher as of 2:10 PM, gaining ₹4.25 or 1.62% in live trading. The stock rallies powerfully to hit its 52-week high amidst active trading, with total traded volumes reaching 355,199 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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