Metallica Minerals Limited: Research and Development refund of $3.056M received
October 24, 2013 (Source: Metallica Minerals) — Metallica Minerals Limited (ASX:MLM) is pleased to announce it has received approximately A$3.056 million as a tax refund under the Federal Government’s Research and Development (“R&D”) Tax Incentive program, for expenditure in relation to the development of the SCONI scandium-cobalt-nickel Project in North Queensland.
Managing Director, Andrew Gillies, said the tax refund would further the ground breaking work Metallica was doing, toward potentially creating the world’s first major reliable supply of scandium oxide and progressing our Weipa Heavy Mineral Sands Project.
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“We appreciate the Australian Government’s long term support for businesses such as ours, particularly in the current uncertain equity market conditions, which present difficulties for raising capital”, Mr Gillies said.
“These additional funds place Metallica in a sound financial position, with total funds on hand of approximately $3.9 million and no debt”.
The R&D Tax Incentive is a targeted self-assessment program that helps businesses offset a portion of costs, relating to certain R&D activities.
The incentive is jointly administered by AusIndustry (on behalf of Innovation Australia) and the Australian Taxation Office.
Unique aspects of Metallica’s scandium extraction process, which have been developed over a number of years, form the basis of Metallica’s R&D activities.
In 2012, Metallica produced a batch of high purity (>99.9%) scandium oxide from its Brisbane pilot plant, in a major step towards the development of potentially a new export commodity.
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