South West Pinnacle Exploration Ltd. through its' Joint Venture Company namely M/s Al Hadeetha Mining LLC (AHML), Oman, has been awarded an exploration & Mining block 22B, in IZKI Town of Oman for exploration and mining of Minerals viz; Copper, Gold, Silver & Chromite and Basalt. The block is spread across 1452 KM2.
The official signing ceremony of the concession agreement of Block 22B with the Ministry of Energy and Minerals (MEM), Sultanate of Oman held on 22nd Jan 2025, in the august presence of Hon'ble Minister of Energy and Minerals, His Excellency Eng. Salim Bin Nasser Aloufi, along with other senior officials of the Ministry.
As per Concession Agreement, the exploration and mining is to be carried out in two phases:
Ist Phase -Exploration to be done in initial three years with a provision to get two more extensions of three years each with prior approval by Ministry of Energy & Minerals (MEM), Sultanate of Oman, if the situation so warrants.
2nd Phase -Exploitation once the exploration is done and declaration of commerciality of minerals is approved by MEM, Sultanate of Oman.
About Al Hadeetha Mining LLC(AHML)
AHML, formed to tap potential of carrying out exploration and mining activities in Oman, is a joint venture company comprising of South West Pinnacle Exploration Limited (India) with 17.50% share , Alara Oman Operations Pty Limited (Australia), Al Tasnim Mining LLC(Oman) and Al Hadeetha Investment Services LLC(Oman), reflecting a strong collaboration between international and local stakeholders, underlining Oman's commitment to fostering global partnerships to advance its mining & exploration sector.
AHML promoters have an proven track record of success in Oman, highlighted by the development of the Al Wash-hi Al Majaza Project, which exported its first shipment of copper-gold concentrate in mid-2024. This new agreement for Block 22B reinforces AHML's ongoing commitment to driving innovative exploration and growth in Oman's mining sector while contributing to the country's Vision 2040 goals.
About Block 22B, IZKI, Oman
Block 22B comprising 1452 km2 area lies in North Sharquiyah Governorate of Oman. Geologically, the mountainous areas of Block 22-B include the Semail Nappe. The Semail Nappe is now recognized as a Cretaceous ophiolite, exposing the world's best-preserved section of upper mantle, lower-oceanic crust and upper-oceanic crust.The Block, which includes the existing Wash-hi -Majaza copper-gold mine and an ancient mine and copper mineralization intersected at Mullaq, has high potential for further mineral discoveries.
Shares of South West Pinnacle Exploration Limited was last trading in BSE at Rs. 137.70 as compared to the previous close of Rs. 133.75. The total number of shares traded during the day was 14956 in over 383 trades.
The stock hit an intraday high of Rs. 140.50 and intraday low of 133.40. The net turnover during the day was Rs. 2083190.00. |
