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TNG receives R&D rebate

24th November 2017

     

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JOHANNESBURG (miningweekly.com) – Strategic metals company TNG said on Friday it had received the full amount of its research and development (R&D) refund claim, totalling A$1.73-million.

The claim covers eligible test work for the 2016/17 financial year under the federal government’s R&D tax incentive scheme.

Under the R&D tax incentive scheme, companies with a turnover of less than A$20-million, which undertake R&D activities are entitled to a cash refund of 43.5c for each dollar spent on eligible R&D in Australia.

TNG’s research relates to the commercial extraction of high-purity vanadium, titanium and iron from vanadiferoustitanomagnetite using its patented TIVAN hydrometallurgical process.

The TIVAN process forms a key part of the company’s development plans for its flagship Mount Peake vanadium/iron/titanium project, in the Northern Territory.

Edited by Creamer Media Reporter

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