UPDATE 1.45pm: The ASX has approved Jupiter Mines plans to delist and become a private company.
The move is still subject to shareholder approval with a vote expected to be put at the company's annual general meeting on November 28.
Assuming shareholders approve the move, the company's shares will trade for another month before delisting.
Earlier this month, the Brian Gilbertson controlled company, which is behind the stalled Central Yilgarn iron project near Menzies and holds a 50 per cent stake in the Tshipi Kalahari manganese project in South Africa, said it believed the market was undervaluing its shares.
It said its share register was no longer liquid with Mr Gilbertson's company controlling an 87 per cent stake and it had cash reserves to last it for the next two to three years.
Mr Gilbertson is a former BHP Billiton chief executive and is chairman of Pallinghurst, a private equity company with investments in mining. He is also non-executive chairman of Jupiter.
Jupiter shares closed off 0.2 cents, or 3.64 per cent, at 5.3 cents.