Gold is set to have its biggest miner.
Canada's Barrick Gold is buying rival Randgold, and the merged company will be more than $18 billion in market value. According to the two companies' statement on Monday, the new entity will control five of the world's top ten gold mines and have "the largest gold reserves amongst senior gold peers".
John Thornton, Barrick's executive chairman who will continue to hold the position in the new company, indicated that the focus will be on boosting returns versus the number of ounces produced. This year, gold prices have dropped almost 9% so far.