Jupiter Mines looking to delist

The Brian Gilberston-led Jupiter Mines plans to seek a delisting of its shares from the Australian Securities Exchange, after its major shareholder lifted its stake in the business.

Jupiter said its share price had failed to reflect its "transformation" from an exploration company to an operating and development company.

Its major focus is the Tshipi manganese project in South Africa, after putting its Mt Ida iron ore development in the Yilgarn region on hold.

Jupiter also concluded there was no longer an active market in its shares, after major shareholders within the Pallinghurst Steel Feed consortium had lifted their stake.

It announced in July that the Pallinghurst consortium and related entities had lifted their shareholding to 86.69 per cent.

Jupiter also said it had sufficient cash to fund its activities over the next two to three years.

The company's shares tumbled 2.1 cents lower today to close at 5.7 cents.