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Opportunities abound in the quarrying and extractive industries to create better products or deliver new services.
Opportunities abound in the quarrying and extractive industries to create better products or deliver new services.

Miner receives $1 million tax offset

A coal miner has received $1.1 million to fund geoscience research and development — funding that is also available to companies in quarrying.
The Australian Taxation Office and AusIndustry have refunded coal company Dart Mining a tax offset for the 2012-13 financial year to be recorded as revenue.

The R&D Tax Incentive offers a 45 per cent refundable tax offset for companies with turnovers under $20 million and a 40 per cent non-refundable tax offset for companies with turnovers above $20 million. 

In this context, “refundable” means that if you have no tax liability, then the tax offset can be refunded in cash to the company rather than carried forward to offset future tax liabilities.

In this instance, the money will go towards the Dart Mining-developed Hybrid Climax Model Analogy, a 3D geological model of its Unicorn project near Corryong. 

The payment to Dart Mining is expected to increase the company’s chances of identifying mineral deposits at the Unicorn site.

Equally applicable
However, as reported previously in Quarry, this funding is equally as applicable to quarrying just as much as mining. 

The R&D Tax Incentive scheme, offered by AusIndustry gives businesses more than a billion dollars to do R&D, making it the most generous innovation support program in the country.

There is no competition for the funding. If you meet the requirements, you are entitled to access the money. Applications are conducted through AusIndustry. 

For eligibility, quarry operators must be:
  • Developing or significantly modifying equipment.
  • Developing new processes to extract resources more efficiently.
  • Developing new products.
  • Creating new ways to manage or utilise waste.
  • Establishing how particular equipment performs if used in a new way.

Dart Mining is using the funding for technology to navigate porphyry intrusions containing molybdenum — used to make steel alloys, copper and silver, and in turn minimising drilling expenses.

Acting chief executive John Cornelius said the tax offset was a significant financial boost and would assist the intense geotechnical work in the steep and inhospitable area.

This is the second tax office grant Dart has received, after $906,000 was paid for 2011-12. Dart is planning to lodge another claim this financial year.

Dart’s cash position stands at $4.1 million, with work under way to fulfil preconditions for a $4.7 million discretionary second tranche of funding from Orion Mine Finance Group.

Sources: The Border Mail, Dart Mining

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Tuesday, 20 August, 2019 6:15pm
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