Kin Mining NL said July 14 that its board decided to rejecta merger proposal from MHM MetalsLtd., deeming the proposed transaction as an "opportunistic approach"that significantly undervalues the company.

MHM tabled the indicative nonbindingproposal July 12, the same day it announced its acquisition of a 10% stake in Kin Mining. Without disclosingdetails about its offer, MHM said it has "approached Kin with a view to exploringpotential opportunities between the two companies."

Kin Mining also remained mum on theterms of the proposed merger, but noted that it is considering all options as itremains committed to maximizing value for its shareholders.