(Alliance News) - Strategic Minerals PLC on Tuesday said it has received a research and development tax rebate from the UK tax collector in relation to exploration programmes at Redmoor tin and tungsten project in Cornwall.
The London-based minerals company's unit Cornwall Resources Ltd has received a rebate of GBP248,155 from HM Revenue & Customs in relation to research and development tax relief claims made for Redmoor exploration programmes. The rebate is for the year that ended June 30.
Peter Wale, executive director of Strategic Minerals, said: "We are pleased that continued support from HMRC's R&D tax relief scheme continues to supplement our progress at Redmoor. After the highly encouraging update to our Mineral Resource earlier this year, our team remains excited and engaged with furthering our potential world class project."
Strategic Minerals noted that the rebate was worth more than the payment due to New Age Resources in January for the purchase of CRL. "From a cash flow perspective, it is also reassuring that CRL is able to provide revenue to fund its own purchase," Wale said.
Strategic Minerals shares in London were down 2.6% at 0.56 pence each on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Strategic Minerals (SML)