Australian Mines Limited (ASX: AUZ) had come forward and made an announcement which contains information related to the tax rebate which the company had got. As per the press release dated January 15, 2019, the company got tax rebate amounting to $1,911,075 with regards to the R&D (or Research and Development) activities during 2017-2018 financial year.
This rebate which has been discussed was given by Australian Taxation Office. The issued release also stated that R&D tax incentive program focuses on motivating the companies to work towards the research and development which happens to support Australia. As per the program, the eligible research and development activities would be given the tax offset.
In October 2018, Australian Mines Limited had got a tax rebate of $295,765 related to the research and development. Therefore, the new rebate amounting to $1,911,075 happens to be in addition to the one given in October 2018. Let us understand what the management of Australian Mines Limited had stated in the press release. According to the top management, operation with respect to demonstration plant had been playing crucial role for the company with regards to the strategy which focuses on increasing the economic returns.
Not so long ago, the company had made the appointment of Mr. Marcus Hughes as the Chief Financial Officer (or CFO). The issued release also stated that Mr. Hughes was earlier engaged with Fortescue Metals Group (ASX: FMG). Mr. Hughes had worked with the Fortescue Metals Group for the time span of 8 years and was the Finance Group Manager. The press release demonstrated that Mr. Marcus Hughes happens to have rich amount of experience when it comes to project finance structuring as well as the raisings of the capital. The top management of Australian reflected favourable views with respect to the new appointment of the CFO. The companyâs managing director had stated that the skills related to equity raisings as well as project financing which Mr. Hughes possesses would be supportive for the company. Mr. Hughes would be working towards the finalization of the negotiations as well as for the execution related to the suitable financing package with respect to Sconi Projectâs construction.
Mr. Marcus Hughes had also worked in the senior-level roles. He was with Lend Lease where he was placed as Manager, Tax & Finance. Also, in Rio Tinto, he was placed as a Specialist Tax Adviser.
We would now be understanding how the stock has performed today and how it has been performing from the past few months. On January 15, 2019, Australian Mines Limited ended the session on the positive note as the stock closed at A$0.037 per share which implies the rise of A$0.003 per share or 8.824%. The market capitalization of Australian Mines Limited stood at ~$95.95 million. The stock price of the company is trading towards the lower level. In the span of previous three months, the stock had delivered the return of -17.07% while in the period of 6 months, the return was -59.04%.
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