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Newmont Mining agrees to buy Goldcorp for $10 billion

A prospector shows off a gold nugget in Poland. Photo: Piotr Hawalej/AFP/Getty Images

Newmont Mining agreed to buy Goldcorp for approximately $10 billion in an all-stock transaction.

Why it matters: It would create the world's largest gold mining company. If that sounds familiar, it's because we wrote the same thing when Barrick Gold bought Randgold Resources last year. So ... your move Barrick. "The depletion of global gold mines and the resulting increase in extraction costs has pushed gold miners to seek cost efficiencies, and smaller-scale combinations, as they compete to find and exploit the world’s remaining high-grade deposits," writes the Wall Street Journal.

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