Moreton Resources Limited
(ASX:MRV) has received a $7.8 million tax refund on its 2012-2013 research and development claim. The company plans to use the money to pay out debt and close off environmental fines it received at its underground coal gasification project at Kingaroy in 2010. The company places to wind up its activities in Kingaroy and plans to transition to a coal explorer and producer. After the company pays its liabilities it forecasts a cash position of $6.5 million to spend on its exploration programs. The company also plans to claim further on the Federal Government’s program of R&D support which survived the recent Federal Budget.
Moreton Resources posted a net loss of $1.6 million for the half year ended 31 December 2013.
