ABx Group's (ASX: ABX) 83%-owned subsidiary ALCORE Limited has received a research & development (R&D) tax offset of $474,126.21 from the Australian Taxation Office (ATO) for activities undertaken during the 2023 financial year.
ALCORE has developed a world-first process to recover hydrogen fluoride from ‘excess bath’ (an aluminium smelter waste product). This is combined with aluminium hydroxide to produce aluminium fluoride, a high-value chemical essential for aluminium smelting.
ABx Group anticipates an additional R&D tax offset will be received for its R&D activities, mainly related to its wholly-owned Deep Leads – Rubble Mound rare earths project in northern Tasmania.
“ALCORE and ABx Group are extremely appreciative of the Federal Government’s R&D tax offset program which greatly assists in funding our various work programs. I look forward to updating the market on the additional R&D tax offset covering our rare earth activities once received,” ABx Group Managing Director and CEO, Mark Cooksey, said.
