Newmont plans job cuts in drive to slash costs - Bloomberg

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Newmont (NYSE:NEM [https://seekingalpha.com/symbol/NEM]) may impose deep job cuts as part of a sweeping cost-cutting drive, Bloomberg reported Wednesday.

Newmont's (NYSE:NEM [https://seekingalpha.com/symbol/NEM]) costs jumped following its $15B acquisition of Newcrest Mining in 2023, with its all-in sustaining costs rising to an all-time high earlier this year, taking a chunk out of strong earnings generated by record gold prices that hit an all time high of $3,500/oz in April.

The world's largest gold miner reportedly has told managers it wants to be more in line with its lowest-cost peers, which would mean cutting costs by as by as much as $300/oz, or ~20%.

Newmont's (NEM [https://seekingalpha.com/symbol/NEM]) Q2 all-in sustaining costs were nearly 25% higher than rival Agnico Eagle Mines.

Newmont (NEM [https://seekingalpha.com/symbol/NEM]) has not specified the number of jobs it plans to cut, the target reportedly could require a reduced headcount in the thousands, and calls have been held in recent weeks between executives and division managers on job cuts and other cost-cutting plans, according to the report [https://www.bloomberg.com/news/articles/2025-08-27/top-gold-miner-newmont-plans-job-cuts-in-sweeping-cost-drive].

The company employed ~22K people, not including contractors, at year-end 2024.

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