Blackstone Minerals Receives A$2.8 Million R&D Refund Advance
Blackstone Minerals Limited (“Blackstone”), an Australian mining company, has announced that it has received a significant research and development (“R&D”) refund advance of A$2. 8 million, backed by Asymmetric Innovation Finance (“Asymmetric”) and Fiftyone Capital ("Fiftyone") on Blackstone's 2023 refundable tax offset for R&D expenditure.
The advance payment reflects Blackstone’s significant investments into developing the Ta Khoa Refinery process along with the company's unique approach to convert nickel concentrate blends into battery products in the form of precursor cathode active material (“pCAM”). The majority of Blackstone’s extensive investment was directed to process development and piloting programs carried out in Australia.
Upon lodgement of the R&D claim under the R&D Tax Incentive Program, the A$2. 8 million advanced payment will be repaid. Blackstone’s Managing Director, Scott Williamson, expressed his gratitude for the additional funding provided for the completion of the Ta Khoa Refinery DFS in the upcoming months, and also welcomed the support of the Asymmetric and Fiftyone Capital.
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Key Highlights
Here are the key highlights of Blackstone's research and development refund advance:
Blackstone has received a refund advance of A$2. 8 million, backed by Asymmetric Innovation Finance and Fiftyone Capital on the company's 2023 refundable tax offset for R&D expenditure.
The advanced payment of A$2. 8 million reflects Blackstone’s significant investment in the development of the Ta Khoa Refinery process to convert nickel concentrate blends into battery products.
The majority of Blackstone’s investment was directed towards process development and piloting programs carried out in Australia. The A$2. 8 million will be repaid following lodgement of the R&D claim under the R&D Tax Incentive Program.
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