- Arafura has been refunded $1.5 million from the government for research and development
- The company has invested in research and development at its rare earths project in the Northern Territory
- Arafura is producing rare earths for the magnet, automotive and wind turbine industries
- Today, Arafura’s share price is up 3.7 per cent, currently sitting at 8.4 cents per share
Exploration company Arafura Resources has received a $1.5 million refund from the Australian Government for research and development purposes.
The Australian Taxation Office approved the reimbursement under the government’s research and development incentive program.
Arafura has been investing in research and development at its fully owned neodymium and praseodymium oxide project in the Northern Territory.
Neodymium and praseodymium are two rare earths which are useful for producing magnets. They also have a place in the automotive and wind turbine market.
The company intends to capitalise on rare earths as demand grows for more renewable energy and low emission technology. Rare earths are also driving change in everyday tech.
A resource estimate at the project places it as containing 56 million tonnes and 2.6 per cent rare earth oxides and 11 per cent phosphate.
Research and development costs at the Nolan project encompassed design and operation activities during its first flowsheet program this year.
Total tax incentives from research and development has reached $40.6 million for the company.
At today’s market close Arafura’s share price is up 3.7 per cent, currently sitting at 8.4 cents apiece.