Gold miner Newmont Mining Corp said on Monday that it would buy smaller rival Goldcorp Inc in a deal valued at $10 billion.
Newmont will offer 0.3280 of its share and $0.02 for each Goldcorp share, reports Reuters.
“The strategic rationale for combining Goldcorp with Newmont is powerfully compelling on many levels..” Goldcorp Chief Executive Officer David Garofalo said in a statement.
The combined company’s reserves and resources will represent the largest in the gold sector and will be located in favourable mining jurisdictions in the Americas, Australia and Ghana, the companies said.
Goldcorp’s New York- listed shares were up 1.3 per cent in before the bell trading on Monday.
