Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has received a A$450,000 refund from the Australian Tax Office (ATO) under the Research & Development (R&D) Tax Incentive Program for the financial year ending June 30, 2022.
The company has completed substantial metallurgical test work and studies at the Mount Lindsay Tin-Tungsten Project in Tasmania, incurring significant R&D expenditure.
Consequently, Venture has revealed its plans to lodge another claim under the R&D incentive program for the financial year ending June 30, 2023.
Welcomes additional funding
The refund provided by the ATO under the R&D Tax Incentive Program is part of an Australian Government initiative to stimulate innovation and technological advancement within various industries, including mining.
By recognising Venture's R&D activities, the incentive serves as a vital encouragement for companies to invest in pioneering projects and new methodologies.
“We welcome the additional funding to assist in covering the costs of the upcoming metallurgical test work on the tin-rich borates over the next 12 months,” the company said
About Venture
Venture Minerals has refocused its approach to developing the Mount Lindsay Tin-Tungsten Project in northwest Tasmania, already one of the world's largest undeveloped tin-tungsten deposits.
With the recognition of tin as a fundamental metal to the battery revolution and tungsten being a critical mineral, the company has kicked off an underground feasibility study on Mount Lindsay that will leverage the previously completed open-pit feasibility work.
Recently included additional, potential large-scale quantities of tin and boron within the current resource base, and extensively throughout the greater Mount Lindsay skarn system.
Borate minerals contain a large amount of Boron, a critical mineral in the solar panel industry.