Gold Fields Ltd. (NYSE: GFI) -20.98 percent, located in South Africa, said on Tuesday that it has agreed to acquire Yamana Gold Inc. (NYSE:AUY)+ 7.35 percent.

By purchasing Gold Fields’ projects in Canada, Brazil, Argentina, and Chile, Gold Fields will expand its portfolio to include mines in Africa and Latin America. At $15.9 billion in market value and with headquarters in Johannesburg, the merged business would be the world’s fourth-largest gold miner behind Newmont Corp. and NEM Agnico Eagle Mines Ltd. AEM 0.64 percent Barrick Gold Corp. GOLD 0.27 percent

Chris Griffith, CEO of Gold Fields, stated that Yamana’s existing mines and pipeline of projects in the Americas made it a good acquisition target for the company. As its gold deposits dwindle and become more difficult to access, Gold Fields has sought to expand its activities outside of South Africa in recent years.

No new projects are in the works “or any method of combating the loss of output that is likely to occur from Gold Fields over the next number of years,” Gold Fields’ CEO, Mark Griffith, told Reuters.

On Tuesday afternoon, Gold Fields shares on the Johannesburg Stock Exchange were down almost 11%. A 34 percent premium was put on Yamana’s latest share price in connection with this purchase, and Mr. Griffith said the decline was expected.

Shareholders of Gold Fields would control about 61% of the company’s equity, while those of Yamana will own the remaining 39%, according to the agreement, which Gold Fields said was authorized by both firms’ boards.

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