The company explained that the earlier $40 million price was agreed upon based on an Oct 20, 2014 and updated June 10, 2016 report issued by SGS Canada Inc.
SINGAPORE (Aug 7): ISR Capital said that 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 ($1.36 billion).
ISR’s admission of the lower value was made in response to a series of queries by the Singapore Exchange on Aug 2 and to which the company responded on Aug 6.
