PERTH (miningweekly.com) – Newly spun-out Juno Minerals has raised A$3.9-million in its initial public offering (IPO) and has listed on the Australian bourse under the ticket JNO.
The company said on Friday that the IPO funds added to the A$5-million in seed capital provided by parent company Jupiter Mines, which has not retained an interest in Juno following its demerger.
The funds would allow Juno to move its Mount Mason direct shipping ore (DSO) hematite project forward, with the company targeting the completion of construction and the start of operations in the first quarter of 2022.
A feasibility study on the Mount Mason project was completed in 2012, and an optimisation of the study was undertaken in 2014, until the project was placed on care and maintenance until economic conditions improved and infrastructure access could be secured.
Juno said on Friday that significant work had been undertaken at the project.
The company is working to update the native vegetation clearing permits, which have expired, as well as the Mount Mason works approval. Work on a number of other fronts is also ongoing.
“With the current high iron-ore prices, now is the time to bring Mount Mason into production as soon as possible,” said Juno MD and CEO Greg Durack.
“We are starting with a small, dedicated project team that is truly excited to progress Mount Mason in the short term, and then set its sights on the larger opportunity at Mount Ida.”