Reuters reported that Australia's Perilya Mining Limited has recommended that its shareholders reject an all share offer from fellow zinc miner CBH Resources Limited, less than a week after endorsing a proposal by a Chinese firm to buy a controlling stake.

It may be noted that Shenzhen Zhongjin Lingnan Nonfemet is offering AUD 45.5 million for 50.1% of Perilya, versus CBH's offer of 4.2 of its shares for every Perilya share.