DENVER (AP) — Newmont Mining will buy Canada's Goldcorp for $10 billion, creating the world's biggest gold miner.

The combined company could log gold production of 6 million to 7 million ounces over a decade and recognize $100 million in annual pre-tax savings.

Miners are consolidating as gold becomes more expensive to procure. Barrick Gold said it would by Randgold for more than $6 billion just four months ago.

Newmont will acquire each share of Goldcorp Inc. for 0.3280 of its own, plus another 2 cents per share. Shareholders of Newmont Mining Corp. will own 65 percent of the combined business, with Goldcorp shareholders owning 35 percent.

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The acquisition, expected to close in the second quarter, must still be approved by shareholders as well as regulators in Europe, Canada, South Korea and Mexico.