Newmont Mining Corp. will buy rival Goldcorp Inc. in a deal valued at US$10 billion, creating the world’s largest gold miner and cementing a return of M&A to the industry.
The transaction comes just three months after Barrick Gold Corp.’s move to buy Randgold Resources Ltd. in a US$5.4 billion transaction, which instantly spurred speculation that rivals would have to respond.
Goldcorp shares surged in U.S. pre-market trading, climbing 13 per cent to US$10.96 as of 6:25 a.m. in New York. Newmont shares slipped 3 per cent.
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