ABx Group’s (ASX:ABX) 83%-owned subsidiary ALCORE has received $474,126.21 under a research and development (R&D) tax offset from the Australian Taxation Office.
The R&D tax offset was given for activities undertaken during the 2023 financial year.
ALCORE has developed a world-first process to recover hydrogen fluoride from ‘excess bath’, which is an aluminium smelter waste product. This is combined with aluminium hydroxide to produce aluminium fluoride, a high-value chemical essential for aluminium smelting.
ABx Group, which has a market capitalisation of $11.25 million, anticipates an additional R&D tax offset will be received for its R&D activities, related to its wholly owned Deep Leads and Rubble Mounds Rare Earths Project in northern Tasmania.
CEO Mark Cooksey says “ALCORE and ABx Group are extremely appreciative of the federal government’s R&D tax offset program which greatly assists in funding our various work programs.”
“I look forward to updating the market on the additional R&D tax offset covering our rare earth activities once received,” Cooksey adds.
ALCORE is a chemicals company using advanced fluorine chemistry for processing minerals and other materials. The company has developed improved methods of recovering fluorine from stable fluoride compounds and controlling the reaction of fluorine acids with metal oxides.
ABx Group is an Australian company focused on rare earths in northern Tasmania and establishing a plant to produce hydrogen fluoride and aluminium fluoride from recycled industrial waste.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group
