Gold Fields Limited has denied a Bloomberg report which suggests that it would like to merge with its larger South African rival AngloGold Ashanti Ltd., as the industry experiences a wave of consolidation.

According to the report, Gold Fields believes it would be the ideal combination as the two miners operate in similar jurisdictions and have a shared philosophy.

The source said discussions haven’t taken place yet for the deal that would bring together two miners with a combined market value of about $8 billion.

But a statement by the multinational company Thursday said the report “is factually incorrect and we completely disassociate ourselves with the statement.”