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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.

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“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: 0.425 GBX

Market: AIM
Market Cap: £7.28 m

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