Group 6 Metals (ASX:G6M) has received a cash refund of $14.3 million following the company previously announcing the approval of its Research and Development (R&D) Tax Incentive Application for FY2023.
Managing Director and Chief Executive Officer (CEO) Keith McKnight says the company has invested ‘significantly’ in innovation to maximise the potential of its Dolphin Tungsten Mine.
“The company aims to continue this commitment to innovation as it seeks to produce higher value tungsten products through additional downstream processing at the Dolphin Mine in the future.
Beyond boosting efficiency and productivity, the R&D Tax Incentive scheme unlocks vital resources for innovation and technological advancements.
This competitive edge will prove crucial as we seek to use the knowledge and expertise gained at Dolphin to position the company to acquire and develop other high-grade tungsten opportunities.”
The R&D tax incentive rebate is related to eligible R&D activities in FY2023 expenditure incurred in developing the Dolphin Mine on King Island, Tasmania.
In December 2023, Group 6 reported DTM achieved a new daily ore processing record, more than 1,000 tonnes of ‘high-grade’ ore over 24 hours, marking a steady climb towards its nameplate production capacity.
The company said at the time the accomplishment reflects the ongoing optimisation efforts of the site team and underscores the plant’s improving efficiency. In parallel to this, the plant achieved 70% utilisation for November, reflecting the increased knowledge of the plant operators.
As processing capabilities continue to improve, the project is well-positioned to consistently deliver larger volumes in the future, solidifying its role as a reliable supplier of tungsten concentrate
Group 6 Metals is an Australian resource explorer, developer, and producer focused on its Dolphin Tungsten Mine in Tasmania.
Write to Aaliyah Rogan at Mining.com.au
Images: Group 6 Metals