Newmont restructuring impacted 16% of workforce

[Ben Graham]

Newmont’s (NYSE: NEM) restructuring plan after its acquisition of Newcrest Mining has impacted around 16% of its entire workforce, according to a memo seen by Reuters.

In late August, Bloomberg reported that the world’s largest gold miner would carry out a sweeping restructuring plan following its $17 billion buy of Australia’s Newcrest in 2023. The plan, reflecting Newmont’s efforts to streamline operations and integrate the two companies, could lead to thousands of job losses, Bloomberg said.

As part of this integration, Newmont launched an overhaul project, known internally as ‘Project Catalyst’ — as revealed by Reuters.

Restructuring complete

Citing a company memo, Reuters said the project has led to various job eliminations, unfilled vacancies and changes to role levels at Newmont. In the final stage of the restructuring, the company reduced roles by roughly 12% at its “Level of Work 2”, which covers superintendents, leads and specialists, and by around 10% at “Level of Work 1”, including advisors, officers, operators, and maintainers.

Newmont’s employees were also told that the restructuring was completed a month ahead of schedule, to ease concerns about prolonged uncertainty, Reuters added.

The company is also set for a major change at the C-suite next year, following the retirement of current CEO Tom Palmer. His replacement will be Natascha Viljoen, its president and chief operating officer.

As of Dec. 31, 2024, Newmont employed about 22,200 people and had an additional 20,400 contractors.

“Moves to reshape our structure reflect one of several steps we are taking in 2025 to reduce our cost base and improve productivity,” a company spokesperson told Reuters.

In an effort to improve productivity and cost efficiency, Newmont has already sold $2 billion in non-core mine assets since early 2024.