Northern Minerals receives additional R&D rebate
October 01, 2013 (Source: Northern Minerals) — Northern Minerals (ASX: NTU) is pleased to advise that, following the completion of a revised research and development (R&D) claim, it has received a further $1.52m in R&D rebates for the year ended 30 June 2012.
The final rebate is in addition to the $0.29m received earlier in the year, and means the Company has received a total rebate of $1.81m (before expenses) for 2011/12 financial year.
Under the Federal Government’s Research and Development Tax Incentive scheme, eligible companies which undertake R&D activities are entitled to a cash rebate of 45 cents in the dollar for all R&D expenditure incurred in Australia. Northern Minerals is currently in the process of preparing the claim for the 30 June 2013 tax year with the
aim of lodging as soon as practical.
About Northern Minerals:
Northern Minerals Limited (ASX: NTU) is focused on development of rare earth elements (REE), with a large and prospective landholding in Western Australia and the Northern Territory. The Company’s flagship project is Browns Range, where it has a number of prospects with high value HRE in xenotime mineralisation. In particular, the mineralisation includes high levels of dysprosium and yttrium, which are in short supply globally and expected to be increasingly sought after as world economies stabilise and recent trends in urbanisation and technology diffusion, particularly in Asia, accelerate. Following outstanding results from its drilling and metallurgical programs in 2012, the Company has delivered its maiden JORC resource, advancing Browns Range toward production, using a relatively simple and low cost processing flowsheet to produce a high grade mixed Rare Earth oxide. Northern Minerals also has a HRE exploration underway at the geologically similar John Galt project.
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