Strategic Minerals pleased with latest R&D tax rebate

Producing battery minerals company Strategic Minerals has received a rebate of £0.25m from Her Majesty's Revenue and Customs (HMRC) in relation to research and development tax relief claims, it announced on Tuesday.

The AIM-traded firm said that was for advances it had sought through its exploration programmes at its Redmoor Tin and Tungsten Project, being undertaken through its wholly-owned subsidiary Cornwall Resources (CRL).

It said the rebate demonstrated both progress and acknowledgement of the investment made by CRL at Redmoor, and was well in excess of January's payment due to New Age Resources for the purchase of CRL.

“We are pleased that continued support from HMRC's research and development tax relief scheme continues to supplement our progress at Redmoor,” said executive director Peter Wale.

“After the highly encouraging update to our mineral resource earlier this year, our team remains excited and engaged with furthering our potential world class project and the new CRL website is reflective of that.

“From a cash flow perspective, it is also reassuring that CRL is able to provide revenue to fund its own purchase.”

At 1422 GMT, shares in Strategic Minerals were down 2.61% at 0.56p.