Australian zinc miner CBH Resources Ltd (CBH.AX) made another offer to buy rival Perilya Ltd (PEM.AX) on Thursday, worth as much as A$60 million ($47 million), seeking to link up their nearby mines.

CBH said it would offer 2.8 of its shares for each Perilya share if Perilya completes the sale of a copper asset in Australia, or 4.2 of its shares per Perilya share if the sale does not go through.

In June, CBH had offered 3.5 of its shares for each Perilya share, which Perilya rejected as inadequate, but left the door open for more talks.

Perilya said the latest offer was unsolicited and shareholders should take no action.

The companies had aimed to unite their ageing mines in the Broken Hill region of eastern Australia, as they tried to diversify to counter a sagging zinc price.

“CBH’s and Perilya’s Broken Hill operations are highly complementary and located adjacent to each other, and their integration will create value well in excess of what is achievable on a stand-alone basis,” CBH Chairman Jim Wall said in a statement.

CBH said its largest shareholder, Japan’s Toho Zinc Co (5707.T), supported the deal. ($1=A$1.27) (Reporting by Jonathan Standing)

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