Sandfire Resources has approached fellow ASX-listed metals miner MOD Resources about a potential takeover.
Sandfire said its "interest in exploring a potential combination of the two companies" was on the basis of an offer worth 38 cents per MOD share.
That values MOD at about $94.5 million.
It said any transaction would be subject to due diligence and all necessary approvals, with no assurance that a transaction would materialise given the preliminary and non-binding nature of the approach.
MOD shares have lost about two thirds of their value over the past year and were worth 22 cents before entering a trading halt on Monday.
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