King River Resources secures Research & Development tax rebate

The mining exploration company King River Resources Ltd has improved its finances upon securing a Research & Development tax rebate of $382,463.65. The fund will be utilized for working capital.

The company’s research towards the development of the processing methodology conducted during the 2020 financial year meets the criteria set out for the Research & Development Scheme and permits the deductible cost of the research to be claimed as a tax rebate.

The confirmation of King River Resources towards its plan for the Kwinana plant’s technical and economic viability came up, as a pre-feasibility study (PFS) for the High Purity Alumina (HPA) Project was released.

The PFS predicts a production rate of 9,000 tonnes per annum of 99.99% HPA once at full production, with project revenue of more than $7 billion over 25 years.

The proposed plant at Kwinana near Perth is where King River Resources will produce HPA, sourced from an industrial chemical feedstock and utilizing its HPA refining process known as ‘ARC’ - highlighting the Aluminium feedstock, the use of only recrystallization steps in purification and final calcination.

Anthony Barton, Chairman, King River said: “PFS was an important milestone for the company.”

“This PFS has effectively endorsed our strategy to initially focus on entering the global HPA market, and then consider developments at a later date of other high value/high purity commodities sourced from the Speewah vanadium-titanium and fluorspar deposits,” he said.

The PFS also indicated that King River has the potential to become a major global producer of HPA, outside of Japan, USA, Europe, and China.