Australian miner Gold Road Resources has confirmed the rejection of a takeover offer from South Africa-based Gold Fields, which sought to acquire all shares of Gold Road for A$2.27 ($1.42) per share plus additional cash related to Gold Road's interest in De Grey Mining.

Shares of Australia's Gold Road Resources climbed an all-time peak on Tuesday, a day after rebuffing South African miner Gold Fields' $2.1 billion acquisition proposal, deeming it to significantly undervalue the firm.

Gold Road Resources rejected a $2.1 billion takeover proposal from Gold Fields, calling the offer opportunistic following a drop in quarterly production.