Barrick Gold has bid $7.68 billion for Australian copper miner, Equinox Minerals, The Wall Street Journal reports. Barrick’s all-cash offer is higher than the $7 billion bid made by China’s Minmetals Resources. Equinox will have to drop its own hostile bid for Lundin Mining as part of the deal. The transaction will double Barrick’s current production to around $987.2 million, adds Reuters. Morgan Stanley and RBC Capital Markets are advising Barrick on the deal, while Equinox is being advised by CIBC World Markets, Goldman Sachs and TD Securities.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.