Rigoll’s gone, but ISR Capital still pressing ahead with Madagascar mining acquisition

SINGAPORE (March 31): ISR Capital may have fallen out with its largest shareholder, David Rigoll, but it is still on track to acquiring a major stake in a rare earths mining concession in Madagascar that was once owned by a company Rigoll led.

It is likely to be an uphill task though. Shares in ISR are now trading at just 0.9 of a cent and its entire market value has shrivelled to just $16.3 million.

Last year, ISR had proposed to acquire a 60% stake in Tantalum Holding (Mauritius), which owns the rare earths concession, from a Singapore-registered company called REO Magnetic for $40 million. It had proposed to pay for this by issuing new shares to REO Magnetic at 10 cents each.

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• Reenova applies for full mining licence for Madagascar rare earth project
• ISR signs MOU with Shenzhen-listed company to start talks on joint development of Tantalum mine

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