Australian zinc miner CBH Resources said on Friday that it has received another takeover offer.
Belgian group Nyrstar - the world's largest zinc miner - recently failed to acquire CBH in a A$220 million ($135.5 million) bid but has returned with a bid worth A$290 million. CBH turned down Nyrstar's original offer in January and instead sold its Rasp Zinc project to Toho Zinc its largest shareholder, to raise cash.
CBH is reactivating equipment, idled in 2008 when zinc prices crashed, that will allow it to more than double ore production to 850,000 tonnes at its main Endeavor mine, yielding about 59,000 tonnes of zinc metal and 30,000 tonnes of lead.
Shares in CBH jumped around 29% to 0.18 dollars. CBH said it believes the deal would provide superior value to shareholders than the alternative transaction proposed by Toho Zinc.
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