Waratah Resources (ASX: WGO) has received a refund of $497,947 under the Federal Government’s Research and Development Tax Incentive Scheme.
Waratah recently completed loading and dispatch of the first 50,000 tonne export cargo of thermal coal from South Kalimantan, Indonesia.
The shipment represents confirmation of the Waratah's strengthening commercial relationships with Indonesian partners, Indonesian coal producers and end users throughout Asia.
Further customer relationships are also being developed in Taiwan, India and South Korea, and first cargo shipment is a milestone in the ongoing development of its Commodities Trading Division.
Waratah now appears well positioned to develop and scale up this business towards profitability, and there is anticipation of executing additional commodities transactions throughout 2014.
In February, Waratah formalised a Heads of Agreement with Marylebone Capital Corporation for the Indonesian coal joint venture.
Marylebone is an investment house specialising in resources and property, and has developed relationships with global coal and iron ore end users in China and India.
Earlier in February, Waratah secured a private placement to sophisticated investors to raise $1.08 million.
Waratah's other focus is the Youkou iron ore project in Gabon, Central Africa, and the Okanabora direct shipping ore iron project in the Republic of Congo.
Waratah last traded at $0.014 and is capitalised at around $5 million.
