Elementos (ASX:ELT) has received a tax rebate of A$97,000 under the Federal Government’s Research and Development Tax Incentive Scheme.
Under this Scheme, companies with a turnover of less than $20 million per annum are entitled to a cash refund of 45% of all eligible R&D activities in Australia.
Proceeds will be applied to progressing the development of Cleveland Project in Tasmania.
The refund relates to research and development activities for the Cleveland project during the period 1st July 2013 to 6th December 2013.
It follows on the company receiving a tax refund of $273,000 earlier this month for the period from 7th December 2013 to 30th June 2014.
Elementos is progressing the reprocessing of tailings at the Cleveland Project, which offers a fast and inexpensive way towards cash flow.
This will be followed by open pit mining and redevelopment of the Cleveland underground tin, copper and tungsten mine.
Elementos (ASX:ELT) has received a tax rebate of A$97,000 under...
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