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Barrick Gold Buying One Of Its Largest Rivals

Barrick Gold is buying one of its largest rivals, Randgold Resources, in a deal which would create the world's biggest gold mining company, with a value of about $18 billion dollars. 

The two firms own some of the world's most valuable gold fields, producing more than 6.6 million ounces of gold a year. 

The BBC is reporting that Barrick shareholders will end up owning two-thirds of the combined firm and Randgold shareholders will own the remaining third. 

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The company will change its name to the New Barrick Group.       

Shares of both firms have fallen almost 30 percent this year, amid falling gold prices and questions over their strategy. 

The deal will also give Barrick a much bigger presence in Africa, where Randgold has mines in Mali, Senegal, Côte d'Ivoire and the Democratic Republic of Congo.