Newmont Corporation Reduces Global Workforce By About 16%: Report

• The restructuring is part of “Project Catalyst,” the company’s cost and productivity overhaul. 
• The initiative was completed a month ahead of schedule to ease concerns over uncertainties. 
• The company is also reviewing its portfolio, including its Nevada Gold Mines joint venture with Barrick Gold.

Newmont Corporation (NEM) has reduced its global workforce by about 16% as part of a sweeping restructuring effort following its $17 billion acquisition of Australian miner Newcrest, Reuters reported on Friday.

The reductions include job cuts, unfilled vacancies, and adjustments to role levels, as the world’s largest gold producer streamlines operations and integrates the two companies.

Project Catalyst

The restructuring is part of “Project Catalyst,” Newmont’s cost and productivity overhaul, with reductions of roughly 12% at superintendent and specialist levels and 10% among advisors and operators. The company stated that the initiative was completed a month ahead of schedule to alleviate concerns over uncertainties.

Newmont acquired Newcrest in 2023 for around $17 billion and has since sold more than $2 billion in Canadian assets. The company has been selling non-core assets and reducing debt to sharpen its focus on high-return projects.

A spokesperson told Reuters that the changes aim to reduce the company’s cost base and improve productivity.

The company is also reviewing its portfolio, including its Nevada Gold Mines joint venture with Barrick Gold, in which it holds a 38.5% stake, as part of a broader effort to enhance operational efficiency and long-term returns.

Strong Q3 Results

Last month, Newmont posted a 20% increase in third-quarter revenue to $5.52 billion, while net income doubled to $1.84 billion.

Newmont shares were trading marginally lower in early trade on Friday. Retail sentiment on Stocktwits has remained in the ‘bearish’ territory for the past 24 hours. 

NEM stock has more than doubled in value so far in 2025.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on