2nd change in substantial holding notice out.., page-15

http://business.smh.com.au/investors-have-reason-to-be-edgy-20080527-2ir6.html

Ambitious Jupiter

It appears former BHP Billiton boss Brian Gilbertson's plans for the tiddler Jupiter Mines are similar to his failed ambition to turn Consolidated Minerals into a big supplier of steel-making materials.

Gilbertson's private equity group Pallinghurst has increased its stake in Jupiter to 8.84 per cent, giving it an 18.49 per cent interest in concert with an associate, the London-listed Red Rock Resources.

The Red Rock chairman and Jupiter director Andrew Bell last night told Xchange Jupiter could fulfil the same role ConsMin was meant to under Pallinghurst's original partial takeover offer.

He said Jupiter, an aspiring iron ore producer, could diversify into manganese and coal through acquisitions.

"It's possible Jupiter in two or three years' time will have a massively different look and size than it does today," he said. "That won't necessarily be because of the current assets."

Jupiter plans initial annual production of 1.5 million tonnes from its iron ore projects in Western Australia's central Yilgarn region.

Bell said Gilbertson's presence on the register would help attract stronger employees to Jupiter, which was last year tainted by the in-flight antics of two former executives nicknamed the "bananas in pyjamas".