The bullion attention has a new king.

Canada’s Barrick Gold (ABX) is shopping opposition Randgold (GOLD) to emanate a world’s biggest bullion miner, a dual companies announced Monday.

The total entity will have a marketplace value of some-more than $18 billion. Barrick shareholders will finish adult owning about 67% of a new company.

John Thornton, Barrick’s executive authority will reason a same purpose during a joined group, while Randgold arch Mark Bristow will be boss and CEO.

The new association will control 5 of a world’s tip 10 bullion mines and have “the largest bullion ‎reserves among comparison bullion peers,” Barrick and Randgold pronounced Monday.

The large partnership comes during a tough year for a bullion industry. Gold prices have depressed roughly 9% so distant this year, and final month dipped next $1,200 an ounce for a initial time given Jan 2017.

Barrick and Randgold are anticipating that fasten army and mixing their measureless resources will assistance them continue a storm.

“Our major magnitude of success will be a earnings we beget and not a series of ounces we produce, balancing arrogance and anticipation to broach unchanging and flourishing earnings to the associate owners,” Thornton said.