ABx Group has secured another crucial Research and Development (R&D) tax offset of AUD 300,000 (USD 479,847) from the Australian Taxation Office for the R&D work carried out during FY 2024. The refund will be invested to strengthen ABx’s ongoing efforts for further exploration and processing technologies for rare earth materials.
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The R&D activities covered by the rebate include exploration, drilling, and processing work centred on ionic adsorption clay rare earth deposits, with particular emphasis on ABx’s fully owned Deep Leads Rare Earths Project in northern Tasmania. The project remains a cornerstone of the company’s strategy to expand Australia’s domestic supply of rare earth elements, vital for renewable energy and advanced manufacturing industries.
According to the reports, ABx’s 83 per cent-owned subsidiary, ALCORE, also received close to AUD 465,000 (USD 300,000) under the same R&D incentive programme. Together, these tax offsets bring ABx’s total tax rebate is up to AUD 1,183,490 (USD 770,000). Sources said this tax refund will be further reinvested into both the rare earths exploration and the ALCORE clean chemical processing ventures.
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Chief Executive Officer Dr Mark Cooksey said the R&D incentive remains an important contributor to the company’s progress. He explained, “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.”
Dr Cooksey added that with this continued support, ABx is well placed to accelerate its plans in rare earths and clean fluorine chemical production, reinforcing Australia’s position in the global critical minerals sector.
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