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Noble Helium Receives VAT Refund Boost from Tanzania
Noble Helium Receives VAT Refund Boost from Tanzania

Noble Helium Receives VAT Refund Boost from Tanzania

  • 05-Jun-2024 6:42 PM
  • Journalist: Kim Chul Son

Noble Helium Limited (ASX: NHE) is delighted to confirm the receipt of the initial Tanzanian VAT refund, totaling $1.285 million. Following the completion of the necessary audit procedures and discussions with the Tanzania Revenue Authority (TRA), this refund has been secured. It's important to note that, as per the terms outlined in the VAT Loan Agreement, the company is not obligated to allocate the first refund towards repaying the VAT Loan.

The company has finalized the audit process and submitted all necessary documentation to the Tanzania Revenue Authority (TRA) for the VAT refund covering the period up to December 31, 2023, amounting to approximately $3 million.

Mr. Shaun Scott, Managing Director & CEO of Noble Helium, expressed that this substantial influx of funds will enable the company to pursue additional value-adding exploration activities in Tanzania, extending beyond the anticipated appraisal of the probable gas cap identified at Mbelele.

Noble Helium is addressing the increasing global demand for a primary helium source that is ideally carbon-free and geopolitically independent. Positioned along Tanzania's East African Rift System, the company's four projects are being developed in accordance with the highest Environmental, Social, and Governance (ESG) standards. This initiative aims to mitigate the growing fragility in the supply chain and the imbalance between supply and demand for helium, a scarce, technologically critical, and high-value industrial gas.

With prices reaching up to 50 times that of LNG in its liquid state, helium has become indispensable in numerous modern applications. It serves as a crucial element in various high-tech products, including computer and smartphone components, MRI systems, medical treatments, superconducting magnets, fiber optic cables, microscopes, particle accelerators, and space rocket launches – with NASA being a significant consumer. The increase in demand, along with restricted supply, has driven growth opportunities in the worldwide market, especially for environmentally friendly "green helium" obtained from non-carbon sources. Currently, over 95% of the world's helium is extracted as a by-product of processing hydrocarbon-rich gases.

Noble Helium is focused on helium exploration within the East African Rift in Tanzania. Should the presence of a helium resource be confirmed, it could rank as the world's third-largest helium reserve, trailing only the USA and Qatar, and would represent the largest reserve held by a single company. Helium, a gas that is colorless, odorless, tasteless, non-toxic, and inert, is notable for being the initial element in the noble gas group on the periodic table. Helium, an elemental gas, is characterized by its colorless, odorless, tasteless, non-toxic, inert properties. It stands as the foremost element within the noble gas group on the periodic table.

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