Alkane Resources and Mandalay Resources have announced an all-share merger valued at AU$1.01 billion, creating a global gold and antimony producer.

Australian mining company Alkane Resources has signed a definitive arrangement agreement with Canadian miner Mandalay Resources for a "merger of equals" to create a diversified gold and antimony producer.

Australia's Alkane Resources will acquire Canada's Mandalay Resources in an all-share deal valued at A$559.1 million ($357.8 million), the companies said on Monday, creating a combined diversified gold and antimony producer.