SYDNEY, Jan. 21 -- Australian zinc miner CBH Resources Ltd CBNH.AX said on Thursday it had received a superior proposition from its major shareholder Toho Zinc (5707.T: Quote) and would not engage in takeover talks with Nyrstar (NYR.BR: Quote).

"The directors of CBH who are independent of Toho believe that the Toho transaction is superior to the Nyrstar proposal. In light of this, CBH has advised Nyrstar that it does not intend to have substantive discussions with Nyrstar, based on the existing proposal," CHB said in a statement.