Arafura Resources pockets $1.5 million rebate as drilling continues

Arafura Resources Ltd (ASX:ARU) has received A$1.5 million as a refundable tax offset for eligible research and development expenditure.

The R&D was related to the development of its 100%-owned Nolans Neodymium-Praseodymium (NdPr) project in the Northern Territory.

Notably, Arafuras total cash receipts from the R&D tax incentive now amount to A$40.6 million.

Arafura has a strategic advantage through its eligibility for this tax offset as well as the Nolans Project being granted Major Project Status from the federal government.

Drilling and metallurgy programs underway

Earlier this month, Arafura commenced drilling and metallurgical programs aimed at increasing the mine life of the Nolans Project beyond 23 years.

This follows the signing of a second memorandum of understanding (MoU) in September 2019 to supply rare earRead More – Source/a>