Group 6 Metals has received a $14.3 million cash refund relating to a research and development (R&D) tax incentive application that the company hopes can unlock higher value tungsten products in the future.
Group 6 Metals said that the R&D tax incentive “significantly supported” its commitment to achieve innovation and operational excellence at the Dolphin tungsten mine located near Grassy, a town on the south-east coast of King Island, Tasmania.
“The R&D tax incentive scheme is a powerful tool for Australian companies to drive innovation, gain a competitive edge, attract talent, and ultimately contribute to our nation’s economic prosperity and global reputation,” Group 6 Metals managing director and chief executive officer Keith McKnight said in December 2023.
“The refund provides a timely injection of cash as production ramp at (Dolphin) gathers pace.”
Now the company has received $200,000 more than it initially anticipated, alongside $160,000 of interest.
“We are delighted to receive the full claim from our FY23 R&D application as we have invested significantly in innovation to maximise the long-term potential of this important strategic asset,” McKnight said.
“The company aims to continue this commitment to innovation as it seeks to produce higher value tungsten products through additional downstream processing at the Dolphin mine in the future.
“Beyond boosting efficiency and productivity, the R&D tax incentive scheme unlocks vital resources for innovation and technological advancements. This competitive edge will prove crucial as we seek to use the knowledge and expertise gained at Dolphin to position the company to acquire and develop other high-grade tungsten opportunities.”
After being closed for three decades, the Dolphin tungsten mine officially re-opened in August 2023.
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