Newmont Corporation | Layoff Event

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