Northern Minerals (ASX: NTU) received a research and development rebate, amounting to $1.76 million, for work completed on Browns Range during FY16. Managing Director George Bauk said the Federal Government’s R&D scheme had proved particularly valuable during the early stages of project development, as it had allowed the Company to continue work programs without raising additional capital. The funds were used to retire the $1.3 million drawdown facility from Innovative Technology Funding.
Highlights
- $1.76 million received for 2015/16 research and development rebate.
- Innovative Technology Funding Pty Ltd $1.3 million drawdown loan facility now retired.
Northern Minerals (ASX: NTU) is pleased to announce that it has now received its research and development (R&D) rebate for work completed to advance the Browns Range Project (the Project or Browns Range) during the 2015/16 financial year.
The rebate was for a sum totaling $1.76 million, with these funds used by the Company to retire the $1.3 million drawdown facility from Innovative Technology Funding Pty Ltd.
Northern Minerals’ Managing Director George Bauk said: “The Federal Government’s R&D rebate scheme is a highly worthwhile initiative, with the rebate received offsetting significant work completed on Browns Range during the period.”
“This scheme has proved particularly valuable during the early stages of project development, where it has allowed us to continue work programs through accessing these funds, rather than capital raising mechanisms,” he said.
Northern Minerals is planning a staged development of Browns Range, with Stage 1 being the construction of a 60,000 tonne per annum pilot plant producing 590,000kg per annum of total rare earth oxide in a mixed REO carbonate containing 49,000kg per annum of Dysprosium, a strategic rare earth oxide used in the production of permanent magnets for electric vehicles.
Note Transaction Update Huatai Mining – Huatai Mining has informed Northern Minerals that the first $9 million tranche is in progress. The funds will be received in the coming days.
