logo-loader
viewStrategic Minerals PLC

Strategic Minerals receives A$300,000 R&D grant from Australian government

The payment is in relation to works conducted at the Leigh Creek copper mine, which Strategic brought back into production in April

Strategic Minerals PLC - Strategic Minerals receives A$300,000 R&D grant from Australian government
Strategic expects to receive a higher amount next year

Battery materials producer Strategic Minerals PLC (LON:SML) has received a research and development grant worth just shy of A$300,000 from the Australian tax office.

The payment recognises a portion of the works carried out at Strategic’s Leigh Creek copper mine in South Australia.

A subsequent claim is expected to be made next year and bosses said they were evaluating funding alternatives to bring forward a portion of this claim.

WATCH: Strategic Minerals now in full control of Cornish tin mine joint venture

“The Research and Development re-imbursement reflects the substantial works being undertaken at Leigh Creek in preparation for restoring full operations in 2020,” said managing director John Peters.

“The receipt confirms our expectation of cash flow from the Australian Taxation Office and reinforces our expectation of a higher amount next year.”

Strategic acquired the rights to the old copper mine, which is situated in the North Flinders Ranges of South Australia, 500km north of Adelaide, in 2018.

LCCM was brought into production earlier this year and the company is looking to commence full operations next year.

Quick facts: Strategic Minerals PLC

Price: 0.5665 GBX

AIM:SML
Market: AIM
Market Cap: £8.31 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Strategic Minerals PLC named herein, including the promotion by the Company of Strategic Minerals PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

The rare earths they call strategic minerals

Rare earths analyst Christopher Ecclestone talks us through the growing global demand for this specific suite of 11 minerals needed for magnets, EVs and wind turbines. Chris explains how China's creeping dominance in the space is worth tracking and what investors should keep an eye out for...

on 1/10/19

2 min read