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Kibaran Resources Limited (ASX:KNL), a metals and mining company engaged into graphite exploration and development announced that AusIndustry had provided the company, an Advance Finding Certificates for the research and development as per s28A and s28C of the Industry Research & Development Act 1986.
The Certificates provided by the AusIndustry included the Research & Development program of Kibaran in Australia and abroad. The total expected expenditure involved in the R&D is worth $8.4 million, and its validity is for three years ending on 30 June 2020.
The Advance Findings serves the purpose to provide planning certainty for companies who are carrying out the research and development. These research and development programs are eligible for the tax-offset and also involve a rigorous assessment process of research and development.
For Kibaran, this research and development program is the continuation of experiments on graphite. For this, the company at present is under discussion with the relevant parties, who will be helping the company to resolve the query concerning the year-end 30 June 2017.
With respect to the previous announcement of the company on 31 January 2019, the company received a notification from Australian Taxation Office (âATOâ) stating that ATO intends to seek repayment of the refund related to research and development from the company for the period ended 30 June 2017. In the earlier announcement on 2 October 2018, related to the R&D, the company was advised by the external experts on these matters. As a result, the company is confident that the claims for the R&D have already been made in full compliance with the applicable legislation. Also, the company defended its position and also started taking actions to challenge the ATO determination.
Previous Updates:
On 5 February, Kibaran Resources Limited shared an update on ASX regarding the update on its progress of EcoGraf development plan. Kalkine covers the details of the news.
On 1 February 2019, the company gave a presentation on the Business update of Cape Town in 2019. The presentation covered its Battery market opportunities. It stated that by 2025, as a result of the global expansion of the electric vehicle market, the demand for natural graphite is expected to increase by 700%.
Based on this, the companyâs new graphite mining and manufacturing business poised for development. Its Epanko Graphite project is a scalable mining project for the long-term supply of the graphite project.
On 31 January 2019, the company released its quarterly results for the period ended 31 December 2018. The company during the period had a positive discussion with the Tanzanian government for Epanko financing. A new minister for Minerals was appointed during the period which takes Government initiatives to encourage mining investment in Tanzania. The period also reported successful completion of the battery graphite optimization program. The company also filed an international patent for its optimized purification process flowsheet. The company received a significant interest based on the product qualification program from the various groups, and the discussion is on progress with these groups about collaboration and partnership on its EcoGraf business. Also, the report from the Benchmark Mineral intelligence reported an increase in the demand for battery graphite by 40% in China during 2018 and the price by 20%.
By the end of the trading day, the closing price of the stock was $0.110, up by 10% as compared to previous trading dayâs closing price. The company has a market capitalization of circa A$27.57 million and approximately 275.68 million outstanding shares.
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