News: Elementos Limited banks research and development tax refund

Elementos Limited (ASX:ELT) has received a tax refund of about $248,000 under the Federal Government’s Research and Development Tax Incentive Scheme.

This relates to the company’s claim for activities carried out at the Cleveland Tailings and Underground Projects in Tasmania during FY2012.

It is currently awaiting confirmation of a refund for FY2014, which is anticipated to be slightly larger.

Refunds will be used to further progress the company’s plans to commence construction of the tailings retreatment facility in 2016, with production to quickly follow.

Earlier this month, it submitted the Development Proposal and Environmental Management Plan for the first stage of the Cleveland Mine Redevelopment.

The DPEMP covers the reprocessing of the Cleveland mine tailings, and the dewatering of the Cleveland underground tin, copper and tungsten mine.

Planned production will be at a minimum mining rate of 650,000 tonnes of tailings per annum, with a mine life of approximately seven years.

This has the potential to extend beyond twenty years as the open pit and underground Mineral Resources come into production.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.