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Newmont Cuts 16% of Workforce in Post-Newcrest Restructuring Drive

Newmont Corporation’s (NEM.N) restructuring following its acquisition of Australian miner Newcrest has affected 16% of its global workforce, according to an internal memo reviewed by Reuters.

The workforce adjustments, encompassing job eliminations, unfilled vacancies, and role-level changes, are part of broader efforts to streamline operations and integrate the two companies. Newmont acquired Newcrest in 2023 for approximately $17 billion, becoming the world’s largest gold producer. Since then, it has divested more than $2 billion in Canadian assets, reduced headcount, and lowered debt to shed non-core operations.

The integration effort includes an internal initiative dubbed “Project Catalyst.” In the final phase of its cost and productivity program, Newmont trimmed roles by roughly 12% at “Level of Work 2”, covering superintendents, leads, and specialists, and by about 10% at “Level of Work 1,” which includes advisors, officers, operators, and maintainers, the memo stated.

The company completed the restructuring a month ahead of schedule, aiming to alleviate employee concerns over extended uncertainty.

As of December 31, 2024, Newmont employed approximately 22,200 people and engaged 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 reassessing its asset portfolio to concentrate on high-return operations and strategic partnerships, most notably its Nevada Gold Mines joint venture with Barrick Gold (ABX.TO). Barrick holds a 61.5% stake in the venture, with Newmont owning the remaining 38.5%.

CEO Tom Palmer, who is set to retire on December 31, 2025, recently reaffirmed the company’s commitment to deepening collaboration with Barrick to maximize output from their shared Nevada operations.