Group 6 Metals has announced it has received an approximately $14.3 million refund, including $160,000 of interest following its lodgement of a Research Development Tax Incentive Application for FY2023.
The Research and Development Tax Incentive rebate is related to eligible research and development activities in FY2023 expenditure incurred in developing the Dolphin Mine on King Island, Tasmania.
Group 6 Metals’ Managing Director and CEO, Keith McKnight, said the company is delighted to receive the full claim from its FY2023 Research and Development application as it has invested significantly in innovation to maximise the long-term potential of the strategic asset.
“The company aims to continue its 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 Research and Development 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.”