Layoff Details
- Reason
- Newmont Corporation is implementing a workforce restructuring and cost-reduction program, including job cuts, particularly at its Denver headquarters, as part of a broader effort to streamline operations and improve financial performance. This initiative is driven by rising operational costs and the need to integrate the $15 billion acquisition of Newcrest Mining Ltd in 2023. The Newcrest assets were identified as being in a challenging life-cycle stage, under-producing relative to their employee base, and requiring significant capital expenditure. The company aims to lower its all-in sustaining costs by approximately $300 per ounce (a 20% reduction) to align with lower-cost industry peers. This strategic move, occurring during a CEO transition, is intended to position Newmont as a 'stronger, simpler, and more resilient' company amidst a challenging economic environment and fluctuating gold prices.
- Affected Locations
- DenverColorado
- Affected Departments
- Executive positionsDepartment headsDirectors
Company Info
- Industry
- Basic Materials
- Headquarters
- Denver, Colorado, U.S.
- Total Employees
- 22,200
- Founded
- 1921
- Market Cap
- $97.91B
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