The manganese producer said the assets, comprising the Mount Mason direct shipping ore hematite and Mount Ida magnetite projects, held great value, particularly in the current iron ore market.

Iron ore prices have risen to as high as US$90 per tonne in recent weeks due to supply disruptions in the wake of Vale's Brumadinho tailings dam disaster in Brazil.

Mount Mason has an inferred resource of 5.95 million tonnes at 59.9% iron, and was seen an early production option.

Mount Ida has an inferred resource of 1.85 billion tonnes at 29.48% iron, which could have been upgraded to a concentrate grading more than 68% iron.

Scoping studies on the two projects in 2011 indicated they were financially robust, but feasibility studies were suspended in 2012 due to market conditions, with the projects remaining on care and maintenance ever since.

The projects, near Mineral Resources' Koolyanobbing mine, are considered shovel-ready and sit on granted mining leases.

"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 has appointed Hartleys as corporate advisor to assist with the process.

The news comes after Glencore signed up to buy at least 4Mt per annum of iron ore over 10 years from Macarthur Minerals' nearby Lake Giles iron ore projects last week.

Jupiter said the strategic process would not require funding or impact dividends from its highly profitable Tshipi manganese operation in South Africa.

The company declared a final unfranked dividend of A2.5c per share last month, as per its 70% payout policy.

Jupiter shares were down 1.5% to 33.5c this morning. The stock started the year at 25c.