
Ardea banks $1.2M research rebate to fuel WA nickel development
Ardea Resources has received a significant $1.18 million research and development (R&D) tax incentive rebate from the Australian government for pioneering work on its Kalgoorlie Nickel Project (KNP) in Western Australia's Goldfields region.
The timely cash injection for last year's cutting-edge nickel research will boost Ardea's commitment to advancing its globally significant nickel-cobalt resource.
The rebate follows a $4.6M strategic placement from Japanese joint venture partner Sumitomo Metal Mining in April, bolstering Ardea's robust cash balance of $12M at last quarter's end.
Ardea's R&D efforts have centred on its breakthrough mineralised neutraliser process, a novel approach to nickel-cobalt extraction that has led to an international patent application.
The process leverages magnesite saprock at the base of its Goongarrie nickel hub's laterite deposits, segregating it into fines for processing and magnesite scats for neutralising leach discharge solutions.
The company says its innovation promises to enhance the efficiency and sustainability of nickel-cobalt production, aligning with global demand for responsibly sourced critical minerals.
The KNP is Australia's largest nickel-cobalt resource and has an impressive 854 million tonnes at 0.71 per cent nickel and 0.045 per cent cobalt for a contained 6.1Mt of nickel and 386,000t of cobalt.
The Goongarrie hub alone hosts 584Mt of ore, with 4Mt of contained nickel, and is being developed in a 50:50 joint venture with Sumitomo and Mitsubishi.
The Japanese consortium is fully funding a $98.5M definitive feasibility study, which Ardea says is on track for completion in the second half of this year, paving the way for a final investment decision by 2027.
Ardea's innovative process is a cornerstone of its strategy to establish a low-cost, multi-decade operation. The company's 2023 prefeasibility study projected an extraordinary $800M annual EBITDA over a 40-year mine life, producing 30,000t of nickel and 2000t of cobalt annually from a shallow, flat-lying orebody.
The rebate will further support Ardea's ongoing exploration at its advanced project, currently targeting nickel sulphide and critical minerals such as scandium and rare earth elements at its Kalpini hub just next door.
With a formidable Japanese consortium in tow and a strengthened balance sheet, Ardea will look to navigate volatile global nickel markets and deliver on its vision of becoming a leading supplier of critical minerals by 2030. As work on the definitive feasibility study progresses, the company continues to lay the groundwork for a potential world class operation that could restore nickel to Australia critical minerals ensemble.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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If the income is from a company (i.e. dividends), then the company pays 30 per cent and you only pay the difference between that and your marginal rate (thanks to franking credits) - unless your marginal rate is zero in which case the government gives you free money for some reason (thanks to franking credit cash refunds). If the income comes from an inheritance, the tax rate is zero. The list goes on and on. MORE FROM ADAM TRIGGS: The moral of the story is that although, generally speaking, income should be taxed at the same rate regardless of where it comes from, the reality is that income is taxed at a patchwork of different rates. This is where trusts come in. Trusts, particularly when combined with a corporate structure, allow people to shift income from high tax channels to low tax channels. 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When it comes time to cash-out those returns, the money can be directed to the person with the lowest tax rate, or it can be tied up for so long that by the time it gets paid out you are retired and your taxable income is low or zero. ANU Professor Bob Breunig has a clean solution: have a rule which says that any money which comes out of a trust is taxed at either the company income rate (30 per cent) or the recipient's marginal tax rate (up to 47 per cent), whichever is higher. As Professor Breunig notes, "this will disable most trust-related tax dodges without undermining trusts' legitimate roles". Reigning in trusts will raise billions each year. More importantly, it means we can reduce the burden on taxing workers while improving the integrity of our tax system. The business pages are getting very upset about the government's new tax arrangements on superannuation balances over $3 million. It's fine to be annoyed. Nobody likes paying more tax, even if you are (*checks statistics*) very rich. And taxing unrealised gains is particularly annoying. What's not fine, however, is that the people attacking the Treasurer and suggesting that this reform will end the Australian economy as we know it are the same people who constantly wonder out loud: why won't the government implement more ambitious, wide-ranging tax reform? The answer is obvious: if this is how business commentators react to a relatively minor reform that only impacts very wealthy people, imagine the reaction to holistic tax reform which, if previous tax reviews are anything to go by, would involve abolishing negative gearing, the capital gains tax discount and franking credit cash refunds, while increasing and broadening the GST and creating a super profits tax and a carbon tax. The result of hysterical backlashes like what we are seeing around superannuation is incremental tax reform: where governments pick off one reform every three years, if you're lucky. Reform at a snail's pace is a bad outcome. But it raises a key question: if we're going slow, what reform should be prioritised? The tax system is very broken, so there are plenty of options. But I would argue that there is one thing which makes many existing problems worse: trusts. To see why, I'm reminded of when a friend from Europe once asked me: how much tax do you pay on your income in Australia? It's a simple question. It should have a simple answer. Sadly, however, the answer is anything but simple. The answer goes something like this. If the income comes from a wage, then the top marginal tax rate is 47 per cent. If the income comes from renting out an investment property, the tax rate is probably negative if you have a mortgage (thanks to negative gearing) or still much less than your marginal rate if you don't have a mortgage. If the income comes out of (or is generated within) your superannuation account, it can be anything from your marginal rate to 22 per cent, 15 per cent or zero. If the income comes from a capital gain, the tax rate is 50 per cent, unless you held the asset more than 12 months (then the tax rate is 25 per cent) or if the asset is the family home (then the tax rate is zero). If the income is from a company (i.e. dividends), then the company pays 30 per cent and you only pay the difference between that and your marginal rate (thanks to franking credits) - unless your marginal rate is zero in which case the government gives you free money for some reason (thanks to franking credit cash refunds). If the income comes from an inheritance, the tax rate is zero. The list goes on and on. MORE FROM ADAM TRIGGS: The moral of the story is that although, generally speaking, income should be taxed at the same rate regardless of where it comes from, the reality is that income is taxed at a patchwork of different rates. This is where trusts come in. Trusts, particularly when combined with a corporate structure, allow people to shift income from high tax channels to low tax channels. For example, if your taxable income is in the highest tax bracket and your partner's taxable income is zero, it would be better if any of your additional income goes to your partner rather than you since less tax will be paid. Trusts allow this to happen. Instead of the income being paid to you, it can be paid (tax free) into the trust. The trust can then distribute the money to your partner at their much lower marginal rate (or zero for the first $18,200). In sum, trusts (combined with a corporate structure) allow you take advantage of Australia's patchwork of tax rates. It is this patchwork of tax rates which is the core problem, but trusts are one of the key vehicles that allow people to exploit the problem. Trusts can purchase investment properties, they can purchase an owner-occupier property, they can purchase shares, bonds and currencies. When it comes time to cash-out those returns, the money can be directed to the person with the lowest tax rate, or it can be tied up for so long that by the time it gets paid out you are retired and your taxable income is low or zero. ANU Professor Bob Breunig has a clean solution: have a rule which says that any money which comes out of a trust is taxed at either the company income rate (30 per cent) or the recipient's marginal tax rate (up to 47 per cent), whichever is higher. As Professor Breunig notes, "this will disable most trust-related tax dodges without undermining trusts' legitimate roles". Reigning in trusts will raise billions each year. More importantly, it means we can reduce the burden on taxing workers while improving the integrity of our tax system. The business pages are getting very upset about the government's new tax arrangements on superannuation balances over $3 million. It's fine to be annoyed. Nobody likes paying more tax, even if you are (*checks statistics*) very rich. And taxing unrealised gains is particularly annoying. What's not fine, however, is that the people attacking the Treasurer and suggesting that this reform will end the Australian economy as we know it are the same people who constantly wonder out loud: why won't the government implement more ambitious, wide-ranging tax reform? The answer is obvious: if this is how business commentators react to a relatively minor reform that only impacts very wealthy people, imagine the reaction to holistic tax reform which, if previous tax reviews are anything to go by, would involve abolishing negative gearing, the capital gains tax discount and franking credit cash refunds, while increasing and broadening the GST and creating a super profits tax and a carbon tax. The result of hysterical backlashes like what we are seeing around superannuation is incremental tax reform: where governments pick off one reform every three years, if you're lucky. Reform at a snail's pace is a bad outcome. But it raises a key question: if we're going slow, what reform should be prioritised? The tax system is very broken, so there are plenty of options. But I would argue that there is one thing which makes many existing problems worse: trusts. To see why, I'm reminded of when a friend from Europe once asked me: how much tax do you pay on your income in Australia? It's a simple question. It should have a simple answer. Sadly, however, the answer is anything but simple. The answer goes something like this. If the income comes from a wage, then the top marginal tax rate is 47 per cent. If the income comes from renting out an investment property, the tax rate is probably negative if you have a mortgage (thanks to negative gearing) or still much less than your marginal rate if you don't have a mortgage. If the income comes out of (or is generated within) your superannuation account, it can be anything from your marginal rate to 22 per cent, 15 per cent or zero. If the income comes from a capital gain, the tax rate is 50 per cent, unless you held the asset more than 12 months (then the tax rate is 25 per cent) or if the asset is the family home (then the tax rate is zero). If the income is from a company (i.e. dividends), then the company pays 30 per cent and you only pay the difference between that and your marginal rate (thanks to franking credits) - unless your marginal rate is zero in which case the government gives you free money for some reason (thanks to franking credit cash refunds). If the income comes from an inheritance, the tax rate is zero. The list goes on and on. MORE FROM ADAM TRIGGS: The moral of the story is that although, generally speaking, income should be taxed at the same rate regardless of where it comes from, the reality is that income is taxed at a patchwork of different rates. This is where trusts come in. Trusts, particularly when combined with a corporate structure, allow people to shift income from high tax channels to low tax channels. For example, if your taxable income is in the highest tax bracket and your partner's taxable income is zero, it would be better if any of your additional income goes to your partner rather than you since less tax will be paid. Trusts allow this to happen. Instead of the income being paid to you, it can be paid (tax free) into the trust. The trust can then distribute the money to your partner at their much lower marginal rate (or zero for the first $18,200). In sum, trusts (combined with a corporate structure) allow you take advantage of Australia's patchwork of tax rates. It is this patchwork of tax rates which is the core problem, but trusts are one of the key vehicles that allow people to exploit the problem. Trusts can purchase investment properties, they can purchase an owner-occupier property, they can purchase shares, bonds and currencies. When it comes time to cash-out those returns, the money can be directed to the person with the lowest tax rate, or it can be tied up for so long that by the time it gets paid out you are retired and your taxable income is low or zero. ANU Professor Bob Breunig has a clean solution: have a rule which says that any money which comes out of a trust is taxed at either the company income rate (30 per cent) or the recipient's marginal tax rate (up to 47 per cent), whichever is higher. As Professor Breunig notes, "this will disable most trust-related tax dodges without undermining trusts' legitimate roles". Reigning in trusts will raise billions each year. More importantly, it means we can reduce the burden on taxing workers while improving the integrity of our tax system.