Newmont Mining has turned down a proposal from rival Barrick Gold to merge and create one of the world’s largest mining companies, a widely expected move.

Newmont said in a news release that Barrick’s all-share proposal was inferior to the Denver-based mining company’s deal with Goldcorp.

The company, the nation’s second largest mining company as measured by market capitalization, said it would be able to deliver $365 million in annual cost savings or a total of $4.4 billion from any combination with Goldcorp.

Early last week, Barrick offered $17.85 billion for Newmont in a no-premium deal that would create a giant worth about $40 billion at today’s valuations.

Barrick has said that a combination with Newmont could strip out costs of nearly $7.1 billion, most of which will come out of the two companies’ Nevada operations.

Barrick wasn’t immediately available for comment.

Newmont’s Chief Executive Gary Goldberg has said that both companies can reap costs savings in Nevada by forming a joint venture, and that a full merger isn’t needed.

On Monday, the company tabled a proposal to Barrick that details a joint venture in Nevada.

“Realizing value through Barrick’s proposal for Newmont’s shareholders hinges entirely on a new management team that lacks global operating experience and is only two months into its own transformational integration,” Goldberg said in a statement.

Newmont bought Cripple Creek & Victor Mining in August 2015 for $820 million.

{span class=”wsj-article-caption-content”}The Fimiston Open Pit mine in Kalgoorlie, Australia. The mine is operated by a company jointly owned by Barrick Gold and Newmont Mining.{/span}{span} {/span}{span class=”wsj-article-credit”}{span class=”wsj-article-credit-tag”}PHOTO: {/span}CARLA GOTTGENS/BLOOMBERG NEWS{/span}