Australian Mines Picks-up Healthy R&D Rebate

THE BOURSE WHISPERER: Australian Mines Limited (ASX: AUZ) received a rebate from the Australian Taxation Office of $1,911,075 in relation to the company’s research and development (R&D) expenditure during the 2017-18 financial year.

Australian Mines picked up the cheque in addition to a $295,765 R&D tax rebate it received in October 2018 and relates to continued development work completed at the company’s demonstration-size High-Pressure Acid Leach (HPAL) and solvent extraction (SX) plant located in Perth, Western Australia.

“The operation of the demonstration plant has continued to play an instrumental role for Australian Mines in our strategy to maximise economic returns from our assets, especially our flagship Sconi cobalt-nickel-scandium project in North Queensland,” Australian Mines managing director Benjamin Bell said in the company’s announcement to the Australian Securities Exchange.

“Not only has operation of the plant allowed optimisation of the proposed flowsheet for Sconi, the R&D work conducted has also allowed us to explore potential future commercial opportunities for scandium oxide expected to be produced at Sconi.”