After the Chinese company Minmetals Resources was out-bid in its offer to buy Equinox Minerals Ltd. by the mining company Barrick Gold Corporation, they withdrew their offer to buy the firm.

Barrick Gold, the world’s largest gold miner based in Toronto, announced its bid for $8.57 per share on Monday. The Equinox board already has offices in both Australia and Toronto, so it recommended to its shareholders to accept the offer presented to them.

CEO of the Hong Kong unit of Minmetals, Andrew Michelmore said in a statement to the Hong Kong Stock Exchange on Tuesday, “While we still consider the Eqinox assets provide a good fit with MMR’s strategy, the price offered by Barrick is above our most optimistic assessment of value”. He went on to say, “Competing with these prices would, in our view, be value destructive for MMR’s shareholders”.

The final price offered by Barrick was 16% higher than the price offered by Minmetals. MMR gave a conditional statement that it would only buy Equinox if the company gave up their takeover of Lundin Mining Corporation in Canada.