Newmont (NYSE:NEM) made a non-binding provide to amass Newcrest Mining (OTCPK:NCMGF) (OTCPK:NCMGY), Australia’s prime gold miner stated Sunday.

Beneath the proposed deal phrases, Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) shareholders would obtain 0.38 Newmont (NEM) shares for every Newcrest share held, which might worth Newcrest at ~$17B.

Newcrest (OTCPK:NCMGF) (OTCPK:NCMGY) stated its board is contemplating the proposal, which is conditional on Newmont (NEM) being granted unique due diligence.

Newmont (NEM) made an earlier bid providing an change ratio of 0.363, which Newcrest’s (OTCPK:NCMGF) (OTCPK:NCMGY) board rejected.

Mining shares equivalent to Newmont (NEM) “provide a possible recession hedge as a robust ‘Fed pivot’ may ship gold hovering to a brand new all-time excessive,” Harrison Schwartz writes in an evaluation newly revealed on Searching for Alpha.