Vanadium miner Atlantic has received a $27.3 million boost to its coffers under the federal Research and Development Tax Incentive Program.
The company said it would use $19.1 million of the reimbursement to repay a short-term loan facility with one of Australia’s major banks.
The balance of the funds will boost working capital.
The reimbursement will be a handy fillip for cash-strapped Atlantic, which lined up $11.75 million in unsecured finance from its biggest shareholder, Droxford International, last week.
The miner announced in August a $20 million high interest debt facility with Droxford, to fund continued development of its Windimurra vanadium project in the Midwest.
Atlantic had also previously taken on finance facilities of $28.5 million in April, and $50 million last August, both provided by Droxford.
Meanwhile, clean energy developer Carnegie Wave Energy also received an R&D rebate today, to the tune of $2.26 million.
Carnegie said the funds would help it accelerate the development of its next generation of wave power technology.
