Newmont Mining Corp is buying smaller rival Goldcorp Inc. for $10 billion. The merger would create the world's biggest gold producing company. It will have mines in the Americas, Australia and Ghana.
Hoping to produce 6-7 million ounces of gold annually over the next 10 years and beyond, the new company - to be called Newmont Goldcorp – could edge past current leader Barrick Gold in annual production of the yellow metal.
Newmont will also sell $1 billion to $1.5 billion worth of assets over the next two years as part of the deal.
According to Newmont, the acquisition deal is estimated to generate up to $100 million in savings. The deal is scheduled to close in the second quarter.