ABx Group (ASX:ABX) has received the first instalment of $3.3M of the $7.5M1 grant funding under the Federal Government's Modern Manufacturing Initiative (MMI).
The grant will be used to support the proposed $16.4M aluminium bath recycling plant at Bell Bay, Tasmania, and matched dollar-for-dollar for activities relating to the pilot plant on the NSW Central Coast.
The pilot plant is designed to produce hydrogen fluoride from aluminium smelter waste.
ABx Group's CEO Dr Mark Cooksey stated that receiving the grant is an important milestone for Alcore and provides further certainty to the construction of the pilot plant.
ABx's cash balance is currently over $5.2 million.