Latrobe Magnesium Limited (AU:LMG) has released an update.
Latrobe Magnesium Limited (ASX: LMG) received a $12.5M research and development tax rebate from the Australian Tax Office, which will be used to substantially improve its balance sheet by repaying debt. The company also expects an even larger rebate of around $16M for the following year, which should enable them to clear any remaining debt. Latrobe Magnesium is advancing its innovative magnesium production in Victoria, with long-term contracts for its output already in place with U.S. customers.
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