JOHANNESBURG (miningweekly.com) – Australian junior Jupiter Mines on Friday reported that its two largest shareholders, JSE-listed Pallinghurst Resources and Aim-listed Red Rock Resources, had terminated all their voting, sale and cooperation arrangements in Jupiter.

The two shareholders have said that the objectives of their cooperation have been achieved, and that Jupiter was now “well placed” to progress and become a key player in the steel-feed market.

Jupiter said that the agreements for the cooperation and preemption that were put in place between Pallinghurst and Red Rock since 2008, served no further purpose, and could unduly inhibit the independent judgment of the parties.

“The parties have at all times worked together harmoniously, and since they share the same strategic vision for the development of Jupiter, they know of no reason why this would not continue,” Red Rock said in a RNS statement.

In May 2008, Red Rock and Pallinghurst announced that they would acquire shares in Jupiter. The two parties subsequently made a proposal to Jupiter whereby they would jointly sell certain assets in Western Australia in two tranches in exchange for the issue of new Jupiter shares.

The Jupiter shareholders approved the proposal in 2009, and the second tranche of shares was issued following approval of the disposal of the Oakover tenements by Red Rock shareholders in August.

In September, Jupiter’s independent shareholders approved an investment by Pohang Iron & Steel Company (Posco) as a coinvestor in the company.

Posco Australia bought a 12,99% stake in Jupiter for A$7,81-million.

Jupiter owns an iron-ore project, nickel holdings and gold interests in Western Australia, as well as uranium exploration claims in the Northern Territory.

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