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ISR Capital appoints executive chairman
MAINBOARD-LISTED ISR Capital, which intends to acquire a Madagascar rare earths mining concession valued at over US$1 billion, has appointed Chen Tong, a mining and resources sector expert, as executive chairman of its board of directors.
"With over 29 years' experience in metallurgical mining and investments, Mr Chen, a Singapore national, has been involved in developing mineral resources assets and businesses in China, Australia, Canada, South Africa and the Asean region over the last ten years, with leading corporations such as Minmetals, Chinalco, Winsway and Sumitomo," ISR Capital said in a Singapore Exchange fling said on Monday.
The group said it is awaiting regulatory and shareholder approvals to acquire a 60 per cent stake in Tantalum Holding (Mauritius), which owns 100 per cent of Tantalum Rare Earth Malagasy S.A.R.L. The latter holds a concession for a rare earth oxide resource in Madagascar, the fourth-largest island in the world and located off the south-eastern coast of Africa.
The concession has been estimated by two independent valuers at over US$1 billion, it said.
Mr Chen was initially appointed to the board as a non-independent, non-executive director in October 2016, and currently owns a 1.5 per cent stake in the company.
His re-designation comes on the back of the commencement of bulk sampling activities at the Madagascar site prior to initiating pilot production.