What's Happening?
ABx Group has received a research and development (R&D) tax offset of $479,847 from the Australian Taxation Office for work conducted in the 2024 financial year. The offset supports exploration, drilling, and processing of ionic adsorption clay rare earth
deposits, particularly at ABx's Deep Leads Rare Earths Project in Tasmania. The company plans to use the combined total of $770,000 in tax offsets to invest in its rare earths and ALCORE projects, advancing its innovation and growth strategies.
Why It's Important?
The R&D tax offset is crucial for ABx Group as it provides financial support for the company's exploration and development activities in the rare earths sector. Rare earths are essential for various high-tech applications, and securing domestic sources is vital for economic and technological advancement. The tax offset strengthens ABx's balance sheet, enabling the company to accelerate its projects and contribute to the supply of critical minerals.
