The company will continue to apply for R&D refunds as it focuses on improving vanadium recovery at its namesake project.
Australian Vanadium Ltd (ASX:AVL) (FRA:JT71) (OTCMKTS:ATVVF) has banked a $249,643.02 research and development tax refund from the Australian Government.
The Western Australian company’s 2017-18 tax credit was issued under the Research and Development (R&D) Tax Incentive Scheme jointly run by two Federal Government agencies.
Australian Vanadium reported today its research work in the 2018 financial year had focused on processing techniques.
“AVL’s R&D work for the period was focused on continued development of processing techniques to produce vanadium pentoxide from a poly-metallic ore for vanadium redox flow batteries (VRFB) and steel applications.”
West Perth-based Australian Vanadium’s flagship project is in WA and is named after the company.
The company is producing a definitive feasibility study (DFS) for the high-grade vanadium project after putting out a pre-feasibility study last year.
Metallurgical testing is a key focus for the company during this phase of its evolution, with the company planning to apply for more government support from the R&D tax scheme operated by the Australian Taxation Office and the Department of Industry, Innovation and Science.
Australian Vanadium said: “The company is in the process of submitting a claim for the 2018-19 period which covers further work on these R&D activities and additional processing research and development work related to the recovery of vanadium products from the Australian Vanadium Project.”
The company hopes to reduce operating costs and capital costs with its efforts, providing updated information for financiers and potential joint venture partners on its Data Room online service and in meetings.
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