Toledo Mining has turned down a bid for its Ipilan nickel operation in the Philippines.
The firm said that together with its joint venture partners it had concluded an offer by Chinese group Jinchuan was "wholly unacceptable".
The offer would have valued Toledo's 40% stake in the mining operation at around $17.4m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The refusal had been communicated to Jinchuan, and Toledo and its partners were waiting for their response, the firm said.
It added that temporary exclusivity granted to Jinchuan in relation to Ipilan had now expired and the companies were free to go on the hunt for alternative investors.
Toledo's shares fell 7% on the news, which brought with it uncertainty as to the future of development at its Berong nickel mine.
The firm previously said the sale of its Ipilan stake would help it press on with development at the site on Palawan Island.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
