- FYI Resources (FYI) receives a research and development tax incentive rebate payment of $1.18 million for the 2020/2021 financial year
- The rebate from AusIndustry and the Australian Taxation Office was granted for expenditure by FYI Resources on the development of its high purity alumina project
- FYI says the funds from the rebate will go towards the ongoing development of the company’s high purity alumina work to produce high purity alumina products
- FYI Resources last traded at 30 cents on December 2
FYI Resources (FYI) has received a research and development tax incentive rebate payment of $1.18 million for the 2020/2021 financial year.
The rebate received was for expenditure by FYI Resources on the development of its high purity alumina project.
FYI Resources, in joint development with Alcoa of Australia, has been progressing its fully integrated process design to produce high quality, high purity alumina.
The R&D tax incentive rebate is an Australian Federal Government initiative jointly administered by AusIndustry and the Australian Taxation Office.
Under the incentive, eligible companies can receive cash refunds of up to 43.5 per cent of all expenditure of designated research and development projects.
FYI said the funds from the rebate will go towards the ongoing development of the company’s high purity alumina work to produce a fully integrated, low-cost production of high purity alumina products.
This will include technical work to advance potential customer requests, as well as zero-carbon studies.
The company said high purity alumina is quickly becoming the primary sought-after input material for certain high-tech products, due to its properties that can be used for LED’s and other sapphire glass products.
FYI Resources last traded at 30 cents on December 2.