By Abhinav Parmar
(Reuters) -Newmont has cut about 16% of its workforce as part of a restructuring following the acquisition of Australian miner Newcrest, according to an internal memo to staff seen by Reuters.
The reductions include job eliminations, unfilled vacancies, and changes to role levels, the memo said, reflecting efforts to streamline operations and integrate the two companies.
Newmont bought Newcrest in 2023 for about $17 billion and following the acquisition, the world’s top gold producer sold more than $2 billion in Canadian assets, cut jobs and trimmed debt in a bid to divestment of non-core operations.
As part of its integration, Newmont launched an overhaul project, known internally as ‘Project Catalyst’.
In the final stage of the cost and productivity plan, Newmont reduced roles by roughly 12% at its “Level of Work 2”, which covers superintendents, leads and specialists, and by around 10% at “Level of Work 1”, including advisors, officers, operators, and maintainers, according to the memo.
Newmont told employees the restructuring was completed a month ahead of schedule, to ease concerns about prolonged uncertainty.
As of Dec. 31, 2024, Newmont employed about 22,200 people and had an additional 20,400 contractors.
“Moves to reshape our structure reflect one of several steps we are taking in 2025 to reduce our cost base and improve productivity,” a company spokesperson told Reuters.
Newmont is also reviewing its portfolio to focus on high-return assets and partnerships, including the Nevada Gold Mines venture with Barrick Gold.
CEO Tom Palmer, who will retire on December 31, told Reuters last month the company was committed to strengthening ties with Barrick to maximize output from the Nevada operations.
Barrick holds a 61.5% stake and Newmont owns the remaining 38.5% in their northern Nevada joint venture.
(Reporting by Abhinav Parmar in Bengaluru and Maxwell Adombila in Senegal; Editing by Arun Koyyur)
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