Barrick Gold, the world’s biggest gold producer, aims to contain its mines’ energy costs for the next decade and more by buying an Alberta oil and natural gas producer.

The Toronto-based company said on Monday that it had offered C$354m (US$352m) in cash for Cadence Energy of Calgary, which produces the equivalent of 3,600 barrels of oil a day, equal to about a quarter of the oil and a significant part of the gas consumed by Barrick’s 27 mines around the world.