PanAust Limited (ASX:PNA)
has rejected a $1.11 billion takeover launched last month from one it shareholders, Guangdong Rising Assets Management.
The Chinese state-owned resources group has offered the ASX listed copper and gold miner $1.71 per share, down from a bid of $2.30 per share last year.
PanAust has today described the offer price as inadequate but says it is open to engagement and will consider all proposals in the best interests of its shareholders.
Just last week PanAust reported increased production and reduced costs in the March quarter and forecast copper production from its Phu Kham mine will grow over the coming years.
PanAust reported a net loss of $270 million in the 2014 calendar year.