The Government of India has made an announcement last year regarding opening up of coal blocks for commercial coal mining by private players. South West Pinnacle Exploration Limited has spotted this as a good opportunity and as a natural extension to what we had been doing since last over one and half decades. The company emerged as a successful bidder for Jogeshwar and Khas Jogeshwar coal block in Jharkhand in the forward auction for the said coal block. This was notified by the Ministry of Coal & Mines, Government of India under the press release dated 2nd August 2021.
The company has later on executed the Coal Mine Development and Production Agreement (The Agreement) with the Nominated Authority, Ministry of Coal Government of India, New Delhi acting on behalf of President of India for allotment of the aforesaid coal block on 23rd September 2021 & have been issued vesting order after completing requisite formalities as per the agreement.
Jogeshwar and Khas Jogeshwar coal block is a partially explored coking coal mine with a total area of 2.66 sq. kilometre. The estimated coal reserves are 84.03 Million Tons and the coal grade is W- IV(Provisional) as per documents provided by Ministry of Coal.
Coal continues to remain the most preferred energy source due to its’ availability and affordability. Majority of our country’s electricity requirement is catered though coal based thermal power plants besides many other usages of coal.
We are confident that acquisition of commercial coal block by the company will prove to be a good move forward and will add on to it’s existing exploration business.