Gold mining leader Newmont Corp (NYSE:NEM) is reportedly preparing for significant layoffs as part of a broad effort to reduce costs, according to Bloomberg News.
The company, the world’s largest gold producer, is reviewing ways to streamline expenses following its $15 billion acquisition of Newcrest Mining Ltd. in 2023.
Bloomberg reports that Newmont has directed its management teams to align operational costs more closely with those of the most efficient peers in the industry.
This push for efficiency could require reducing costs by up to $300 per ounce of gold, roughly a 20% decrease compared to current levels.
While Newmont has not formally disclosed the number of roles at risk, the scale of the cost-cutting targets suggests that thousands of jobs could be affected.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.