ABx Group (ASX:ABX) has received another research and development (R&D) tax offset from the Australian Taxation Office, attaining $479,847 for work conducted in the 2024 financial year.
Activities include the exploration, drilling, and processing of ionic adsorption clay rare earth deposits, with a key focus on ABx’s wholly owned Deep Leads Rare Earths Project in northern Tasmania.
As reported by Mining.com.au earlier this month, the company’s 83% owned subsidiary ALCORE received just under $300,000 from the ATO’s R&D scheme.
This leaves the company with a combined total of $770,000 in tax offsets, which will be used to invest in ABx’s rare earths and ALCORE projects.
CEO Dr Mark Cooksey says the R&D incentive proves to hold great value for ABx, supporting the company’s innovation and growth.
“These rebates strengthen our balance sheet and allow us to fast track exploration, drilling, and processing studies at our Deep Leads Rare Earths Project, while also advancing the commercialisation of ALCORE,” Cooksey says.
“With this support, ABx is well-positioned to accelerate development and deliver on its rare earths and clean fluorine chemical strategies.”
ABx Group is an Australian company focused on delivering heavy rare earths, clean fluorine chemicals and bauxite.
Write to Maddison Elliott at Mining.com.au
Images: ABx Group
