SINGAPORE (Sept 22): ISR Capital announced Friday that Behre Dolbear Australia (BDA) – its third independent valuer – has issued an independent qualified persons technical report on its tantalus rare earths ionic clay project.

BDA’s overall assessment of the value of the project at this stage of development is a range of US$25-75 million ($34-101 million), with a preferred most likely value of US$48 million.

This comes after ISR last month said the value of the Madagascar rare earth concession, of which it wants to acquire a 60% stake, will be “much lower” than the two earlier estimates that topped US$1 billion.

See: ISR Capital admits Madagascar concession has ‘much lower’ value

The new valuation is based on the assumption that the exploration permit licence will be formally renewed in due course, and that approvals will be granted for the on-site testwork necessary to move the project forward.

“BDA is aware that substantially higher valuations can be derived by consideration of potential future cashflows, but at this stage of project development, these are considered an indication of future potential, rather than a realistic guide to current value,” ISR says in a filing to SGX on Friday.

ISR earlier this week announced that it is venturing into electronic chips and components. Its wholly-owned subsidiary, Infiniti Advantage, entered into an agreement to buy a 25% stake in integrated circuits manufacturer Straits Hi-Rel for $2.7 million.

See: Is ISR Capital venturing into integrated circuits after its mining missteps?

Shares in ISR Capital closed 0.1 cent lower at 0.5 cent on Friday.