Australian (ASX) Stock Market Forum

JMS - Jupiter Mines

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kennas said:
Last three candles and especially yesterday's looks like a reversal imminent to me. More volume would have been better but looks promising.

Needs follow up for confirmation.
Click to expand...

Seems like you were spot (so far, at least)
Looked quite shaky in the morning, but recovered to 36 cents just after lunch. It's been doing the same thing in the last couple of sessions.
Any guess on what it's going to do now based on the chart?
 
Appointment of Non- Executive Director

Jupiter Mines Limited – Mr. Priyank Thapliyal

The Board of Jupiter Mines Limited is pleased to announce the appointment of Mr. Priyank Thapliyal as a
Non- executive Director.

Mr. Priyank Thapliyal a founding partner of Pallinghurst Resources LLP, joined Sterlite Industries in 2000
as a USD 100 million firm, serving as deputy to the owner Mr. Anil Agarwal. Mr. Priyank Thapliyal
implemented the strategies that led to Sterlite becoming Vedanta Resources plc (including its USD 870
million London IPO), a FTSE 100 company which was valued at USD 7.5 billion at the time of his departure in
October 2005.

Mr. Priyank Thapliyal led Vedanta’s USD 50 million investment in Konkola Copper Mines, Zambia, in 2004, a
stake currently valued at more than USD 1 billion. Mr. Priyank Thapliyal was a former mining and metals
investment banker with CIBCWM, Toronto Canada and is a qualified Metallurgical Engineer, MBA (Western
Ontario, Canada) and former Falconbridge employee.
 
Re:JUPITER & HAWTHORN,IO AT MT MASON-MT BEVAN

I have followed hawthorn recently as i like the io ground they share with jupiterS 2.2mt,it seems that haw have a bigger strike in their tenement.had a look at pallinghurst & redrock & they are supposedly just for investment but their stake seems more like a takeover,jupiter with its low no. of shares & great io projects does seem very undervalued...tb:D

Redrocks mt alfred io is interesting,my bet is the io will all be rolled into 1 company,then the rest into the other...redrock the io,pallinhurst the manganese as gilbertson tries is hand again..?

http://www.rrrplc.com/

http://www.pallinghurst.com/
 
Well this one has gone off peoples radars for a while so I thought i bring it back to the spot light.
with Pallinghurst getting a larger % of JMS and the total of Pallinghurst and Red rock creeping even closer to 19.9% could be something nice arround the corner for Jupiter Mines
 
Bought in around 22c and was going to dump at 25c but....it all got very interesting so...now i"m holding to see how this plays out..results plus a possible consolidation in this neck of the woods could prove to be very exciting.:p:
 
To spell it out a little more - Next to 2.2Mt @ >60% Fe. Looks like tonnes more to me;)

Significant high grade hematite intersected at Mt Mason, including:
- 64m @ 60.6% Fe from 22 metres
- 64m @ 60.5% Fe from 18 metres
 
Encouraging results - just a pity that those hematite hits are right up near the tenement boundary. I wonder who holds the ground to the north...
 
holding up well in the storm.many of my specs like this one have come to a stand stiil..guess everyone is thinking the same..just sit and watch

shame as the jms story looks pretty good with ann like this.
 
SHAREHOLDERS TO CONSIDER PROPOSAL FROM
PALLINGHURST RESOURCES AND RED ROCK
RESOURCES TO VEND IRON ORE, MANGANESE AND
LIQUID ASSETS INTO JUPITER AND GAIN CONTROL

KEY POINTS

• Jupiter to acquire iron ore and manganese exploration assets from
Pallinghurst Resources Australia Limited (“Pallinghurst”) and Red Rock
Resources plc (“RRR”), together with shares in Mindax Ltd (ASX: MDX)
(“Mindax”) and $1 million cash.

• Agreement involves two phases, with Phase 1 assets comprising:
• Mt Alfred Iron Ore Project in the Central Yilgarn region of Western
Australia;
• 13,183,079 ordinary shares in Western Australian iron ore explorer,
Mindax Limited, representing approximately 10.2% of Mindax’s
issued capital; and
• A$1 million cash injection.
Phase 2 comprises manganese tenements to the north of the world-class
Woodie Woodie Manganese Mine in Western Australia
• Consideration for the assets and cash would be a total of 71,178,331
Jupiter shares for Phase 1 of the agreement, and an additional 81,000,596
Jupiter shares for Phase 2, all subject to shareholder approval. Together
with their existing shareholdings, this equates to a combined Pallinghurst
and RRR equity interest of 55.5%.
• Pallinghurst has advised Jupiter that it has allocated a further A$50
million to advancing the consolidation, exploration and mining activities
in the Yilgarn region, subject to Pallinghurst’s investment criteria and has
also offered Jupiter the opportunity to participate in future Australian
resource projects on equal terms.
 
what are peoples opinions on the egm? Is it going to ruin jupiter shares? Hasn't been much action in the stock for a while..


cheers
 
Pan, I have had a quick read of the Explanatory Memorandum (EM) and the Proposal to allot a large number of shares to Pallinghurst (P) and Red Rock (RR), but I need to find some spare time to read it more carefully, before I can decide which way to vote (for what it may be worth).

However, put briefly, it seems P/RR are getting a lot out of the deal with little going back to JMS and a few things jump out: 1. P/RR current combined shareholding would increase from 19.9% to at least 55.5% (pg 60 of EM), 2. if the Proposal goes ahead P have stated they will allocate an additional $50M to JMS’ activities, however P has no obligation to do so (pg 11 EM), so how can it be guaranteed that this will happen? 3. if the Proposal is not approved then JMS will have approx $6.8M in cash which management estimated is sufficient to fund exploration and development activities for 18 months (on an optimistic view that will get them thru these rough times).

Lonergan Edwards conclude the Proposal is ‘neither fair nor reasonable’ to JMS s/holders (pg 63 EM).

The HotCopper site a fair bit of discussion about whether the deal is a good one or not. Found the attached there and which in part states that P is “taking over” JMS.
http://www.minesite.com/fileadmin/c...Feb_09/Regency_Mines_report18_02_09_Final.pdf

What do other JMS holders think – go it alone with $6.8M cash or take up the Proposal and see what transpires? Does anybody know what the attitude of LSG Resources (part of the Haoning Group) is as it holds over 12% of JMS shares?

I will continue to hold JMS as not prepared to sell out at these prices.

In the meantime see below for an excerpt from yesterday’s Announcement – sounds promising. Let’s see if this gives the s/price a kick along, buyers up to .073 but first decent number of units only available at .12.

"Jupiter Mines Limited
SUBSTANTIAL INCREASE IN HIGH-GRADE HEMATITE
RESOURCE AT MT MASON, CENTRAL YILGARN
KEY POINTS
• Substantial increase in the Inferred Resource for the Mt Mason Project
(Central Yilgarn Iron Project) to 5.75 million tonnes at 59.9% Fe (55% Fe
cut-off grade) as a result of successful drilling programs completed in
2008
• Upgraded resource represents an increase of 3.55 million tonnes or 160%
over the original Inferred Resource of 2.2 million tonnes announced in
October 2007
• Mt Mason resource model has now been updated with all drill assay data
returned
• Further potential for high grade hematite mineralisation exists with the
resource remaining open to the north-east.
Jupiter Mines Limited (ASX: JMS) is pleased to announce a substantial upgrade in
the high grade hematite resource at its 100%-owned Mt Mason Project, part of
the Company’s Central Yilgarn Iron Project (CYIP) in Western Australia, to 5.75
million tonnes at 59.9% Fe, 3.5% Al2O3, 7.4% SiO2, 0.064% P and 3.0% LOI
using a 55% Fe cut-off grade."
 
big sal said:
Pan, I have had a quick read of the Explanatory Memorandum (EM) and the Proposal to allot a large number of shares to Pallinghurst (P) and Red Rock (RR), but I need to find some spare time to read it more carefully, before I can decide which way to vote (for what it may be worth).

However, put briefly, it seems P/RR are getting a lot out of the deal with little going back to JMS and a few things jump out: 1. P/RR current combined shareholding would increase from 19.9% to at least 55.5% (pg 60 of EM), 2. if the Proposal goes ahead P have stated they will allocate an additional $50M to JMS’ activities, however P has no obligation to do so (pg 11 EM), so how can it be guaranteed that this will happen? 3. if the Proposal is not approved then JMS will have approx $6.8M in cash which management estimated is sufficient to fund exploration and development activities for 18 months (on an optimistic view that will get them thru these rough times).

Lonergan Edwards conclude the Proposal is ‘neither fair nor reasonable’ to JMS s/holders (pg 63 EM).

The HotCopper site a fair bit of discussion about whether the deal is a good one or not. Found the attached there and which in part states that P is “taking over” JMS.
http://www.minesite.com/fileadmin/c...Feb_09/Regency_Mines_report18_02_09_Final.pdf

What do other JMS holders think – go it alone with $6.8M cash or take up the Proposal and see what transpires? Does anybody know what the attitude of LSG Resources (part of the Haoning Group) is as it holds over 12% of JMS shares?

I will continue to hold JMS as not prepared to sell out at these prices.

In the meantime see below for an excerpt from yesterday’s Announcement – sounds promising. Let’s see if this gives the s/price a kick along, buyers up to .073 but first decent number of units only available at .12.

"Jupiter Mines Limited
SUBSTANTIAL INCREASE IN HIGH-GRADE HEMATITE
RESOURCE AT MT MASON, CENTRAL YILGARN
KEY POINTS
• Substantial increase in the Inferred Resource for the Mt Mason Project
(Central Yilgarn Iron Project) to 5.75 million tonnes at 59.9% Fe (55% Fe
cut-off grade) as a result of successful drilling programs completed in
2008
• Upgraded resource represents an increase of 3.55 million tonnes or 160%
over the original Inferred Resource of 2.2 million tonnes announced in
October 2007
• Mt Mason resource model has now been updated with all drill assay data
returned
• Further potential for high grade hematite mineralisation exists with the
resource remaining open to the north-east.
Jupiter Mines Limited (ASX: JMS) is pleased to announce a substantial upgrade in
the high grade hematite resource at its 100%-owned Mt Mason Project, part of
the Company’s Central Yilgarn Iron Project (CYIP) in Western Australia, to 5.75
million tonnes at 59.9% Fe, 3.5% Al2O3, 7.4% SiO2, 0.064% P and 3.0% LOI
using a 55% Fe cut-off grade."
Click to expand...

thanks for that... i'm still trying to digest whether this is actually going to benefit JMS or RRR???
 
Something up here today, someone is buying big in a hurry. I noticed it friday but today confirmed it.

Up nearly 40% on volume that is more than double any other day in the last 6 months.
 
prawn_86 said:
Something up here today, someone is buying big in a hurry. I noticed it friday but today confirmed it.

Up nearly 40% on volume that is more than double any other day in the last 6 months.
Click to expand...

I noticed something brewing last week too and today confirmed it.
Here's to hoping that there is a good reason for this price action.
We haven't had this kind of volume in almost a year.
 
they may be announcing the divestment or beginning of the divestment of non-core (ie non-steel making) assets which has the potential to add to the $7M cash in bank

cheers :)
 
http://www.minesite.com/nc/minews/s...perties-red-rock-resources-is-now-on-t/1.html


June 02, 2009

With Pallinghurst Now In The Driving Seat On Its Iron Ore Properties, Red Rock Is Now On The Lookout For New Opportunities

By Alastair Ford



“Red Rock has raised a bit of money because Red Rock has plenty to do”. So says company chairman Andrew Bell, who sounds in a sprightly and chatty mood when he rings up Minesite for a chat shortly after delivering £150,000 of new money into Red Rock’s coffers. The iron ore price may be on the wane, but that’s not dampening Andrew Bell’s spirits. He’s played a long game putting in place his company’s joint control of Jupiter Mines - in conjunction with mining supremo Brian Gilbertson’s Pallinghurst - down on the central Yilgarn district of Western Australia. And he doesn’t intend to let any of the views that Chinese and Japanese price negotiators have aired in conversation with Rio Tinto and BHP Billiton dampen his mood.
The iron ore weakness isn’t the best news for Jupiter, admittedly, but there’s been more at stake lately than just the pricing of the end product. The resolution of the issue of control of Jupiter has been warmly welcomed by investors, and the Australian markets have rewarded Jupiter shares with a 70 per cent mark up in recent weeks. That, says Andrew Bell, makes Red Rock’s 28 per cent stake in Jupiter worth a nice fat £7.5 million. A nice round number, made all the more remarkable by the consideration that Red Rock’s own market capitalization is slightly less than £5 million. There’s only so much time that markets will tolerate such a value discrepancy, which is one reason for Andrew Bell’s cheeriness.

Another is that Jupiter itself won’t be standing still, and it’s quite possible that there could be a further value uplift over the coming months, even if the majors are forced to bite the bullet and endure the first across-the-board drop in iron ore prices for many years. The Korean steel giant Posco is one of Pallinghurst’s major backers, and it’s long been part of the game plan to bring Posco’s requirement for iron ore into direct contact with Jupiter’s ability to supply. That means an investment by Posco in Jupiter itself, and what’s so cheering to Andrew is that according to agreements that Red Rock has reached with Pallinghurst such a direct intervention would have to take place at A20cents, some 33 per cent above the current A15cent Jupiter share price. So more pricing support in the offing for Jupiter. And, indirectly, for Red Rock.

That’s enough to keep you smiling when your sector’s out of favour, especially given the nice equation spelled out in a recent Red Rock presentation: “our assets, their money”. The short history of that statement is that Red Rock’s and Jupiter’s iron ore assets, which are now all combined inside Jupiter will be advanced primarily by Pallinghurst money, now that the consolidation is complete. For its part, says Andrew Bell, Red Rock regards its Jupiter stake as “a long term proposition”, but he concedes that “we’ll gradually have to let our baby go”. What the company does next is still an open discussion, but there seems little doubt of one thing: last year’s £100,000 profit should be comfortably exceeded this year, as Red Rock proves the worth of its business model – what Andrew Bell calls being “able to generate cash from the ability to do deals”. In that sense, Red Rock is very much living the Australian dream, in spite of its Aim listing, having thus far paid little lip service to cash flow, something that the London market is well known to favour.

That could all be about to change, though, as one of Andrew Bell’s ambitions now, he says, is “to leverage off the Jupiter deal to get into a cash flow project”. What manner of cash flow project he won’t say, but it’s worth remembering that before all this wheeling and dealing on the Yilgarn got underway in earnest Red Rock had managed to accumulate quite a suite of assets elsewhere. These remain, and the next one that looks likely to come the fore is a stake in a uranium vehicle called Resource Star. At the moment this is, according to Andrew, “quietly gestating”. But in the same breath he reminds us that it took three years to put the Jupiter deal together. He’s not in a galloping rush to finalise the next one. After all, the markets have recently shown a willingness to support Red Rock, and the uranium price may just be on the cusp of renewed upward movement. The long game seems to be just what’s called for at the moment.


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