- TNG (TNG) receives $3.7 million as a refundable tax offset under the Federal Government’s research and development (R&D) tax incentive scheme
- Under the scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent
- TNG’s rebate will fund R&D activities on its Mount Peake project in the Northern Territory and TIVAN processing technology
- The receipt of the R&D rebate strengthens the TNG’s financial position to progress further consolidation planning and project financing work streams for the project
- TNG shares are down 11.3 per cent, trading at 7.1 cents
Australian resource and mineral processing technology company TNG (TNG) has received $3.7 million as a refundable tax offset under the Federal Government’s research and development (R&D) tax incentive scheme.
Under the R&D tax incentive scheme, companies with a turnover of less than $20 million which undertake R&D activities are entitled to a cash refund of 43.5 cents per eligible dollar spent.
The rebate will be used by TNG to fund R&D activities on its 100 per cent-owned Mount Peake Vanadium-Titanium-Iron project in the Northern Territory and TIVAN processing technology.
The patented TIVAN process is a high-value asset for the company and will underpin the planned development of the Mount Peake Project.
TNG believes that the TIVAN process has the opportunity to become the preferred processing technology for the exploitation of titanomagnetite ore bodies.
The scheme provides direct assistance for companies like TNG to continue their R&D initiatives and drive technological innovation with the aim of boosting competitiveness and improving productivity across the Australian economy.
The receipt of the R&D rebate strengthens the TNG’s financial position to progress further consolidation planning, engineering and approvals, and project financing work streams for the project, as well as to progress the company’s green energy initiatives.
TNG shares were down 11.3 per cent, trading at 7.1 cents as of 3:51 pm AEST.