(Alliance News) - Strategic Minerals PLC on Friday said it has received a research and development reimbursement from the Australian government due to works conducted at a copper mine.
The producing minerals company will receive AUD296,594, roughly GBP164,919, in tax relief from the Australian Taxation Office.
Strategic said the reimbursement "recognises a portion of works conducted at the Leigh Creek copper mine" and expects to make a similar claim next year.
Managing Director John Peters said: "The Research and Development reimbursement reflects the substantial works being undertaken at Leigh Creek in preparation for restoring full operations in 2020. The receipt confirms our expectation of cash flow from the Australian Taxation Office and reinforces our expectation of a higher amount next year."
In April, Strategic said production at the Leigh Creek restarted, with the Mountain of Light facility completing its first tonne of copper production in cement form.
Aside from its projects in Australia, Strategic also has operations in the US and a stake in a tungsten project in Cornwall, UK.
Shares in Strategic were 5.4% lower at 0.97 pence each in London on Friday afternoon.
Strategic Minerals (SML)