JOHANNESBURG (miningweekly.com) – Strategic metals company TNG said on Friday it had received the full amount of its research and development (R&D) refund claim, totalling A$1.73-million.
The claim covers eligible test work for the 2016/17 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 A$20-million, which undertake R&D activities are entitled to a cash refund of 43.5c for each dollar spent on eligible R&D in Australia.
TNG’s research relates to the commercial extraction of high-purity vanadium, titanium and iron from vanadiferoustitanomagnetite using its patented TIVAN hydrometallurgical process.
The TIVAN process forms a key part of the company’s development plans for its flagship Mount Peake vanadium/iron/titanium project, in the Northern Territory.