Newmont Corp. has submitted a non-binding proposal to acquire Newcrest Mining Ltd. Newmont said the proposed transaction would combine two of the sector’s top senior gold producers and set the standard for sustainable and responsible gold mining.

The proposed A$24 billion ($16.7 billion) transaction offers 0.380 Newmont shares per Newcrest share, which would result in the combined company being 30% owned by Newcrest and 70% owned by Newmont. The proposal is subject to certain customary conditions, including due diligence to the satisfaction of both parties, entry into a scheme implementation agreement and a Newcrest board recommendation.

“We believe a combination of Newmont and Newcrest presents a powerful value proposition to our respective shareholders, workforce and the communities in which we operate,” said Tom Palmer, president and CEO of Newmont. “The proposed transaction would join industry-leading portfolios of assets and projects to create long-term value across the combined global business.”

Newmont’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia, and Africa.

With mines located in Australia, Canada and Papua New Guinea, Newcrest owns and operates a portfolio of predominantly low-cost, long-life operations and has a strong pipeline of brownfields and greenfield exploration projects.