South West Pinnacle Exploration receives work order of 38 crore from Hindustan Copper

South West Pinnacle Exploration Ltd (SWPE) has secured a Rs 38-crore order from state-run Hindustan Copper for surface exploratory diamond core drilling in Rajasthan. "We have received a work order from Hindustan Copper Limited for surface exploratory Diamond Core Drilling in the state of Rajasthan. The aggregate value of work is Rs 38 crore including GST," SWPE said in a regulatory filing on Tuesday.

In the mining industry, exploratory Diamond Core Drilling is used to probe the contents of deposits. South West Pinnacle Exploration Ltd is a leading private exploration services company in India, in the field of mineral and unconventional energy resources. The company has a drilling capacity between 300 metres to 2,000 metres.

Under the Ministry of Mines, Hindustan Copper is the country's only vertically integrated copper-producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products. Its mines and plants are spread across five units, one each in Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra, and Gujarat.

Meanwhile, share of the company was up by 0.61 per cent and was trading at Rs 180.35 at the time of filing the report. The scrip had closed at Rs 179.25 in the last trading session. 

Earlier, South West Pinnacle Exploration Limited reported its Q2FY24 consolidated revenue from operations at Rs 23.27 crore. The company's Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached Rs 4.77 crore, with an EBITDA margin of 21 per cent.