Australian Vanadium Ltd (ASX:AVL) has received $158,659 from the Federal Government’s Research and Development Tax Incentive Scheme.
This refundable tax offset relates to costs incurred by the company during the 2015-2016 financial year.
Australian Vanadium’s research & development work was focused on new mining and processing techniques for its Gabanintha vanadium project in Western Australia.
READ: Australian Vanadium to benefit from rising vanadium prices
The company is well-positioned to benefit from recent increasing demand and prices for vanadium as it advances its flagship project.
The vanadium price has been rising consistently from its long-term low of US$2.58 per pound in December 2015 to reach prices of over US$10 per pound in October 2017.
During September, the company delivered a vanadium resource upgrade nearly doubling the overall resource at Gabanintha.
As a consequence of the tax refund, Australian Vanadium currently holds over $2.9 million in cash.