R&D tax incentive, pay cuts boost Tawana’s cash balance
JOHANNESBURG (miningweekly.com) – Dual-listed Tawana Resources has received $379 004 from the Australian Taxation Office for research and development (R&D) conducted last year.
The R&D Tax Incentive provided a tax rebate to support Australian companies to undertake R&D.
For the year ended December 2014, Tawana incurred eligible R&D expenditure from which the tax rebate was calculated.
Meanwhile, the company had also reduced its operational expenditure programme at its Mofe Creek iron-ore project, in Liberia, to reduce cash outflow, while maintaining key personnel and advancing the project’s principal activities.
Key corporate and senior executive officers of the company, both permanent and contract personnel, have all, in turn, accepted a 20% salary reduction in a bid to further reduce operating and governance expenditure while increasing its healthy cash position.
Tawana had a cash balance of about $1.6-million at June 30 and no debt.
“I would like to thank staff who have all voluntarily agreed to this salary reduction during these challenging market conditions and am very appreciative of their commitment to the project and our fiscal management regime,” Tawana CEO Wayne Richards said.
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