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.
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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.
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