PERTH (miningweekly.com) – ASX-listed Jupiter Mines on Monday told shareholders that the demerger and initial public offering (IPO) of its Central Yilgarn iron-ore (CYIP) assets will still be pursued, but on a delayed time table.
The company earlier this month announced that it had halted plans for a newly created company called Juno Minerals, after shareholder Stitching Pensioenfonds confirmed that it did not intend to meet the regulatory requirements of the Foreign Investment Review Board (FIRB), which is a condition of the in-specie distribution and capital reduction.
Jupiter on Monday said that a general meeting of shareholders will now be held at the end of April to re-approve the capital reduction and merger, with the proposed ASX listing of Juno planned for May.
The company told shareholders that the regulatory requirement for the FIRB approval was an obligation of applicable investors, and not for either Jupiter or Juno, and as such, would be removed as a condition of the transaction. This would mean that Jupiter would be able to effect the in-specie distribution and capital reduction after shareholder approval.
“So as not to lose time in implementing the Mount Mason direct shipping ore hematite project, Juno management continues to progress the various work-streams during this delay,” said Jupiter CEO Priyank Thepliyal.
“These exclude expressions of interest for tenders of major operational and capital contracts to fast-track the construction at Mount Mason to leverage the robust iron-ore market.”