Senior refinery technician Vincente Sandoval puts a gold "button" into a furnace to be further refined to form gold dore bars at Newmont Mining's Carlin gold mine operation near Elko, Nevada, U.S., May 21, 2014. REUTERS/Rick Wilking
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Newmont Mining Corp. will buy rival Goldcorp Inc. in a deal valued at $10 billion, creating the world's largest gold miner and cementing a return of M&A to the industry.Newmont will pay 0.3280 of its own shares for each Goldcorp share, a premium of 17 percent to the weighted average share price from the last 20 days. Newmont also plans to pay 2 cents for each Goldcorp share.Newmont and Goldcorp said they will sell up to $1.5 billion in assets over the next two years, echoing a similar Barrick pledge to concentrate on the best-performing mines.Newmont has retained BMO Capital Markets, Citigroup Inc. and Goldman Sachs Group Inc. as financial advisers, while Goldcorp has TD Securities and Bank of America Merrill Lynch.
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