TORONTO (miningweekly.com) – TSX- and NYSE MKT-listed Vista Gold has received a further $4.3-million research and development (R&D) tax incentive refund, net of costs to prepare and file, from the Australian government related to costs incurred during the 2013 fiscal year.

The refund was paid under the Australian government's R&D Tax Incentive Programme, a plan designed to encourage industry to engage in R&D activities to the benefit of the country.

With the additional refund, Vista Gold had received just shy of $10-million, net of costs to prepare and file.

The company did not incur any expenses that would qualify for a material rebate under the R&D Incentive Programme in 2014.

"This rebate applies to the continuation of programmes from 2012 into 2013 related to our work to find innovative solutions to the challenges at the Mt Todd gold project, water management in particular. Some of this work has been recognised as having cost-effective industry-wide application,” president and CEO Frederick Earnest said, noting that with the boost to treasury, the company believed it was now funded into 2018, based on the current plan of operations.

Australia’s Northern Territory Environmental Protection Authority had in September last year approved Denver, Colorado-based Vista Gold’s environmental-impact statement  (EIS) for the Mt Todd gold project, 250 km south-east of Darwin, in Australia.

Earnest said the company continued to evaluate potential programmes that could better position the Mt Todd gold project for fast-track development when economic conditions improved.

Currently not in production, Vista Gold was working with the authorities to obtain the necessary permits for the mine before making a final investment decision on the project.

A favourable investment decision could lead to a two-year construction phase.

The company based its EIS on a 50 000 t/d operation, which would generate the largest possible environmental impact. This would now allow the company flexibility to scale the project down initially - if the economics of a smaller project proved to be more compelling - and undertake an expansion of the project at a later date if justified.