Adriatic Metals, a precious metals mining group, is in the early stages of takeover talks which could lead to it becoming the latest London-listed company to succumb to an overseas bidder.
Sky News understands that Adriatic Metals is in the very early stages of discussions with Dundee Precious Metals, a Toronto-listed peer.
The status of the talks and other key details, including any offer price under negotiation, were unclear on Tuesday.
One person close to the situation said it was unclear whether any formal offer would emerge.
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Valued at about £610m, Adriatic has a market capitalisation roughly one-third of that of Dundee, which has a presence in the Balkans.
With a conventional takeover premium factored in, any offer could value the target at well over £700m, according to bankers.
Adriatic produces copper, gold, lead, silver and zinc from recently developed mining operations in Bosnia and Herzegovina.
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The company is run by chief executive Laura Tyler, a former senior BHP executive who is among few female bosses in the global mining industry.
London-listed shares in Adriatic Metals were nearly 6% higher in Tuesday afternoon trading amid growing bid speculation.
The two companies were rumoured to have held similar talks as recently as last year, although they did not progress to any form of public confirmation.
A spokesman for Adriatic, which is also quoted in Australia, declined to comment, while Dundee could not be reached for comment.
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