Barrick to buy Randgold

Barrick Gold agreed to buy rival Randgold Resources, addressing concerns about the Toronto-based miner’s production outlook and sharpening its focus on higher quality assets.

The creation of a gold mining company with a combined market value of about $18 billion helps Barrick to boost output. Barrick will also exploit synergies in Africa, while tapping Randgold’s operating expertise on the continent. – Bloomberg