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Oriole Resources planning further R&D tax rebate applications after latest success

Under the UK Government's scheme, work that qualifies for R&D relief must be part of a specific project to make an advance in science or technology

Cutting taxes
It is the second tax rebate this year Oriole has received

Oriole Resources PLC (LON:ORR), the exploration company operating in Africa and Europe, has received a £40,000 rebate from the tax-man.

The rebate is in relation to a research and development (R&D) tax relief claim in respect of geoscientific advances sought by the company through its exploration programmes.

READ: Oriole Resources gets VAT rebate to spend on its gold programme in Cameroon

The claim submitted by Oriole for 2016 successfully demonstrated that the company performs research work on potential areas of mineralisation in order to build the geological data necessary to prove or disprove the economic feasibility of mining operations in those areas.

On the basis of this success, the company will complete its R&D submissions for the 2017 and 2018 later this year.

“The scientific research underpinning all of Oriole's exploration activities very clearly improves the understanding of the geology and potential economic feasibility of the areas in which we operate,” said Bob Smeeton, the chief financial officer of Oriole.

“R&D tax credits are an excellent incentive for research companies to continue their activities and develop successful UK-based businesses that can operate internationally,” he added.

Quick facts: Oriole Resources PLC

Price: 0.205 GBX

LSE:ORR
Market: LSE
Market Cap: £1.58 m
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