Belgian metals group Nyrstar S.A.(NYR.BT) said Monday the takeover proposal it has made to CBH Resources Ltd. (CBH.AU) values the target's shares and convertible notes at A$220 million.

Nyrstar confirmed it approached the Australian zinc miner in December with a "confidential, conditional and non-binding" takeover by scheme of arrangement, pitched at 13.5 Australian cents per share.

"The approach by Nyrstar to CBH is consistent with Nyrstar's strategy to selectively pursue opportunities in mining," the company said in a statement.

Nyrstar said the offer had been conditional on the maintenance of confidentiality and that this clause may have been broken as a result of recent speculation in the Australian media.

The metals smelter said it has not yet received a response from CBH so has not been involved in substantive discussions on the proposed deal at this stage.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com
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