Deals4 Jun 2024, 01:19 am
South West Pinnacle Exploration Ltd Receives LOI from Vedanta FACOR for Mining Activities in Odisha Worth ~848.87 Lac + GST
AI Summary
South West Pinnacle Exploration Ltd (SWPE) has received a Letter of Intent (LOI) from Vedanta FACOR, a subsidiary of Vedanta Ltd, for exploration activities at Kalarangitta Chromite Mines, Jajpur and Katasahi Manganese Mines, Barbil in the state Odisha. The aggregate value of the contract is approximately 848.87 Lac plus GST. The project is expected to be completed in 5 months. The LOI was received in accordance with SEBI Circular no. CIR/CFD/CMD/4/2015 dated September 09, 2015. The exploration activities include core drilling, sample preparation, and Geotech, Hydrogeological and metallurgical tests.
Key Highlights
- SWPE received LOI from Vedanta FACOR for exploration activities in Odisha.
- The contract is worth approximately 848.87 Lac plus GST.
- The project is a short duration project to be completed in 5 months.
- The exploration activities include core drilling, sample preparation, and Geotech, Hydrogeological and metallurgical tests.
- Site mobilisation to be done in 3-4 weeks and all material to be supplied on FOR Mines basis.