Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Platina Resources receives USD 1.1 million R&D tax incentive refund

Mining News - Published on Tue, 08 Jan 2019

Image Source: MenaFN.com
Platina Resources Limited announced that is has received a Research and Development refund claim totalling USD 1.1 million before costs. The claim covers eligible test work for the 2017/2018 financial year under the Federal Government's R&D tax incentive scheme. Under the R&D tax incentive scheme, companies with a turnover of less than USD 20 million which undertake research and development are entitled to a cash refund of 43.5 cents per dollar spent on eligible research and development in Australia. The Company research activities have focused on the development of commercial extraction technologies for the simultaneous production of scandium oxide, nickel, and cobalt from lateritic ores at its Platina Scandium Project in New South Wales. Scandium is presently only produced as a by-product from other processes. Neither dedicated large-scale scandium production processes nor processes capable of producing scandium from primary ores have been developed or commercialised.

The results of the research and development activities have been incorporated into the Platina Scandium Project Definitive Feasibility Study ("DFS") announced on the 13th December 2018. The DFS confirmed the technical and financial viability of constructing a simple, low-strip ratio, open-cut mining operation and processing facility producing high purity scandium oxide.

Mr Corey Nolan, Managing Director of Platina Resources stated "The incentive provides direct assistance to companies like Platina to continue their research and development activities with a view to building value for shareholders. The receipt of the R&D rebate strengthens the Company's financial position as the Company moves towards the development phase."

Source :

Posted By : Rabi Wangkhem on Tue, 08 Jan 2019
Related News from Mining segment