proposal to the company, page-9

Jupiter looks like Gilbo's choice of vehicle
AdvertisementEmail Print Normal font Large font AdvertisementOctober 23, 2008
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Brian Gilbertson's play for the explorer is just the start.

FORMER BHP Billiton chief executive Brian Gilbertson's investment vehicle, Pallinghurst Resources, could soon be in control of Jupiter Mines.

Jupiter, once famous for the in-flight antics of two former directors on a flight to Abu Dhabi, has been working to turn itself into a serious iron ore explorer in Western Australia's Yilgarn region.

Pallinghurst and its associate, the London-listed explorer Red Rock Resources, took a 19 per cent stake in the miner this year. Now they are attempting to get full control.

Jupiter said yesterday it had received a proposal from Pallinghurst and Red Rock which would enable the London-based pair to vend "certain assets" into the Sydney explorer. Jupiter said the deal would involve a share issue which would be "likely

to lead to a change in control

of the company" and would have to be approved at a shareholder meeting.

Xchange understands Jupiter expects to announce more details within a week or two.

Red Rock owns iron ore properties near those held by Jupiter and some manganese tenements near the Consolidated Minerals mine which Pallinghurst failed to win in a takeover bid last year. Pallinghurst and Red Rock also hold 9.7 per cent of Mindax - an iron ore explorer with tenements near Jupiter's - and a small stake in Iron Mountain Mining.

There has been talk that Gilbertson has been gearing up for a consolidation play in the region, and it would appear Jupiter is his preferred vehicle.