Investing.com-- South Africa’s Gold Fields (NYSE: GFI ) said on Monday that Australia’s Gold Road Resources Ltd (ASX: GOR ) has rejected its non-binding takeover offer, which valued Gold Road at A$3.3 billion ($2.1 billion).

Gold Fields had proposed acquiring 100% of Gold Road’s shares at A$3.05 per share, including a fixed cash component and a variable portion linked to Gold Road’s stake in De Grey Mining Ltd (ASX: DEG ).

The acquisition aimed to consolidate ownership of the Gruyere gold mine in Western Australia, where Gold Fields and Gold Road are joint-venture partners.

Gold Road’s board declined the offer and instead proposed acquiring Gold Fields’ 50% stake in Gruyere. Gold Fields has rejected that alternative.

Despite the rejection, Gold Fields said it remains open to further discussions.