Newmont, the world’s largest gold producer, is set to reduce 16% of its global workforce as part of a sweeping restructuring plan, according to an internal memo circulated within the company.
The restructuring follows Newmont’s recent acquisition of Newcrest and comes as the miner seeks to streamline operations, cut costs, and improve efficiency across its global portfolio. The memo indicates that the job reductions will affect roles across corporate offices, operational sites, and regional teams.
Newmont said the move is intended to create a more agile organization capable of delivering stronger financial performance amid rising operational costs and volatile commodity markets. The memo notes that leadership has been conducting a detailed review of overlapping functions, asset performance and cost structures since the acquisition.
Employees impacted by the restructuring will receive severance packages and transition assistance, the company stated. Some positions may also be reorganized or relocated as part of the new operating model.
Industry analysts say the decision reflects broader pressures facing mining companies, including inflation, tighter margins and the need to optimize large-scale mergers. With gold prices high but costs rising, miners are increasingly turning to workforce and asset rationalization to maintain profitability.
Newmont has not yet issued a public statement, but additional details are expected in the company’s next quarterly update.