Highlights
- AusIndustry completes Internal Review process and confirms eligibility of all Australian and Overseas research and development ("R&D") programs
- Australian Taxation Office ("ATO") to take no further action over R&D queries and will not require repayment of 2017 R&D refund
- Positive Advance and Overseas Finding Certificates received from AusIndustry for all planned R&D programs until 30 June 2020, with total expenditures of over $8m to support Australian industry
Kibaran Resources Ltd. ("Kibaran" or the "Company") (ASX: KNL), is pleased to advise that it has resolved all queries raised by the ATO in connection with the Company's research and development claims.
As previously reported (refer ASX announcements Research and Development 2 October 2018 and Research and Development Update 31 January 2019) the ATO had queried the Company's R&D expenditure claims relating to the period 1 July 2015 to 30 June 2017. Following an Internal Review process conducted by AusIndustry in recent months, AusIndustry has issued Kibaran with Advance Finding Certificates confirming the eligibility of all R&D programs in question and the ATO has advised that it will take no further action over the matter.
This successful outcome re-affirms the Company's cutting-edge graphite processing technology experimentation that has led to the break-through non-hydrofluoric acid purification process / for which a global patent application has been lodged.
The positive R&D result positions Kibaran to aggressively advance its key objectives for 2019:
- completion of the debt financing program with KfW IPEX-Bank (refer ASX announcement Kibaran Receives Government Support for Epanko Debt Financing Arrangements 23 May 2019) to enable construction to commence at the long life, high quality Epanko Graphite Project in Tanzania; and
- completion of planning, engineering and funding programs to support a final investment decision for the development of an /battery graphite production facility in WA's Lithium Valley, located 30km south of Perth.
For further information, please contact:
INVESTORS
Andrew Spinks, Managing Director
T: +61 8 6424 9002
MEDIA
Paul Armstrong, Read Corporate
T: +61 8 9388 1474
