ABx Group’s (ASX:ABX) 83%-owned subsidiary, ALCORE, has received a research and development (R&D) tax offset of $522,715.81 for work conducted during 2022.
ALCORE has developed a ‘world-first’ process to recover hydrogen fluoride from ‘excess bath’, an aluminium smelter waste product. This is combined with aluminium hydroxide to produce aluminium fluoride, a ‘high-value’ chemical essential for aluminium smelting.
ABx, which has a $19.89 million market capitalisation, says further to the ALCORE boost, it expects to receive an additional R&D tax offset from the Australian Taxation Office (ATO) for its activities on its wholly owned Deep Leads – Rubble Mount Project in Northern Tasmania, mainly involving rare earths.
Commenting on the tax offset, ABx Group Chief Executive Officer (CEO) and Managing Director Mark Cooksey says: “ABx Group and ALCORE are appreciative of the support from the Australian Government’s R&D Tax Incentive program, which provides critical support for companies that invest to boost competitiveness and improve productivity.
“The R&D tax offset is further evidence of the strength of ALCORE’s development program”
The R&D tax offset is further evidence of the strength of ALCORE’s development program. The tax offset follows the $7.5 million grant from the Federal Government’s Modern Manufacturing Initiative, of which $5.7 million has been received to date.”
ABx Group is focused on rare earths and chemicals such as aluminium fluoride. As of 30 June, the company had $5.89 million cash at hand, according to its latest quarterly report published on 31 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group Ltd
