Australian Vanadium (AVL) has received a total of $2.63 million from the Federal Government’s Research and Development (R&D) Tax Incentive Scheme, for work it has undertaken with Technology Metals Australia (TMT).
Administered jointly by the Australian Taxation Office and the Department of Industry, Science, Energy and Resources, the self-assessment scheme encourages companies to engage in R&D benefiting Australia, by providing a tax offset for eligible activities.
The total funding comprises $1.79 million from the TMT submission and $0.84 million from the AVL submission which was received in July.
AVL is a resource company focused on vanadium, which is seeking to advance the development of its world-class Australian Vanadium Project at Gabanintha.
AVL has said that the project is one of the most advanced vanadium projects being developed globally, with 395.4Mt at 0.77 per cent vanadium pentoxide (V₂O₅), containing a high-grade zone of 173.2Mt at 1.09 per cent.
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