Jupiter Mines has tapped Hartleys to act as a corporate adviser, as the company re-evaluates its Central Yilgarn iron ore projects in light of improved iron ore market conditions.
In a statement, the company said it would assess strategic options to realise value from its Mount Ida magnetite and Mount Mason direct shipping ore (DSO) hematite projects.
Jupiter froze expenditure at Mount Ida in 2012 and Mount Mason in 2014, until such time as economic conditions improved and infrastructure access could be secured.
Jupiter today said market conditions had improved in recent times, with a drive towards higher-grade iron ore feed in China.
The company also said potential capacity on the rail and at port near the projects currently existed.
“The advanced nature of these projects, their proximity to established and available infrastructure (road, rail and port), the size and quality of the mineral resources and ease of mining and ore extraction provides an attractive opportunity to commence high-grade DSO hematite production and high-grade magnetite concentrate production that could underpin quality long-term supply,” Jupiter said.
The company said the processs of evaluating these two projects would not require further funding or affect the dividend policy from its Tshipi manganese mine in South Africa.
In 2012, Mount Ida had a resource estimate of 1.23 billion tonnes and was anticipated to produce 10 million tonnes a year of beneficiated magnetite at a grade of at least 68 per cent iron.
It was in the early stages of a feasibility study before Jupiter pulled funding.
A feasibility study was completed on Mount Mason in 2012, and its mining proposal was approved by the state government in 2014.
Both projects are located approximately 110 kilometres north-west of Menzies.
In 2018, Jupiter relisted after a $240 million initial public offering.
Jupiter was delisted from the ASX in 2014 after the company said its share price did not reflect the true value of the company.
Shares in Jupiter were flat at 34 cents each at 1.20pm AEDT.