SINGAPORE (April 28): ISR Capital is going ahead with its planned acquisition of a rare earth concession in Madagascar today, says executive chairman Chen Tong at the company’s annual general meeting held earlier this morning.

In response to questions from shareholders, Chen said that the company has engaged a third valuer to appraise the value of the concession. Two earlier valuation reports were rejected by the Singapore Exchange.

Chen said a third valuer has been appointed after consulting the Singapore Exchange and that the report will be drawn up according to the Australian mining valuation standards, otherwise known as the VALMIN Code. “We are confident that the third report will be accepted,” said Chen, at the meeting, attended by just over 10 retail shareholders.

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