ISR Capital chairman defends mining asset purchase

Singapore

ISR Capital, which has had its shares suspended from trading by the regulator, said on Wednesday it will commission a third independent report to value a proposed acquisition in Madagascar that would allow the firm to mine for rare earth oxides.

The announcement was found in a three-page letter from the company's executive chairman, responding not just to the regulator's recent actions, but also defending the decision to hunt down such minerals used to make magnets found in electric cars, smartphones, and wind turbines.

"In response to the Singapore Exchange (SGX) query of November 21, 2016, I wish to announce that the company intends to commission a third independent report by a qualified valuer to assess the value of…