ABx Group’s (ASX: ABX) innovative work in exploring, drilling and processing ionic-adsorption clay (IAC) rare earths deposits in Tasmania last year has been rewarded with a Federal Government rebate of more than $437,000.
The timely cash injection comes less than a month after the company’s 83 per cent-owned subsidiary ALCORE received a similarly-sized rebate ($474,100) for its work on a process to recover and recycle waste aluminium fluoride.
The company has diverse interests around the nation including rare earths, bauxitic deposits and the research into fluorine recovery and local production of hydrogen fluoride and aluminium fluoride from recycled industrial waste, which could greatly assist Australia’s bauxite-to-aluminium processing industry.
But the latest rebate relates more specifically to the company’s extensive exploration work to define significant high-grade rare earths deposits within sizeable areas of Tasmania.
We are pleased to receive the R&D tax rebate, which is a testament to our ongoing commitment to innovation and the advancement of our rare earths activities in Tasmania. This rebate not only underscores the importance of our work in developing sustainable and efficient rare earths extraction technologies, but also provides essential support as we continue to advance our project in this critical sector.
ABx Group Managing Director and CEO Mark Cooksey
Much of the company’s exploration for and drilling of its rare earths deposits has taken place in terrain that has been and is still being exploited for timber resources. The exploration activities are centred mainly on the company’s wholly-owned Deep Leads-Rubble Mound suite of rare earths projects in northern Tasmania.
That approach is in keeping with ABx’s mission to both follow and enhance industry best practices when working on agricultural lands in an effort to leave the ground and its environment in better condition than when it was found.
Between ABx and ALCORE, the combined Federal Government offsets total more than $900,000 – an amount which will enhance the respective balance sheets and enable further support and investment in their collective rare earths research and other projects.
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