world’s biggest gold producer Barrick Gold will pay 7.2bn Canadian dollars ($7.4bn, £4.5bn) for Equinox Minerals.

The offer, which has been accepted, is 16% higher than a rival bid from China’s Minmetals earlier this month.

Equinox owns the Lumwana copper and uranium mine in Zambia – Africa’s third largest – and the Jabal Sayid copper deposits in Saudi Arabia.

The firm, which is jointly listed in Canada and Australia, said that Barrick’s offer was superior not only in terms of price, but also its likelihood of being completed.

Equinox has agreed not to seek any other bids and to give Barrick the right to match any other solicited bids received. It also agreed to pay Barrick a 250m Canadian dollar fine if it withdraws from the takeover.