The world's largest gold mining company, Newmont, plans to significantly reduce its workforce as part of a cost-cutting plan.

The world's largest gold producer, Newmont Mining, is studying the development of a deep cost-cutting plan that could lead to large-scale layoffs. This move is due to the cost pressure faced by the company after its $15 billion acquisition of Newcrest Mining in 2023. This acquisition increased Newmont's number of gold mines to approximately 20 and expanded its copper mining business, but it also raised operational costs. By early 2025, the company's key performance indicator - all-in sustaining cost per ounce of gold - reached a historic high, severely eroding the profits from record-high gold prices. Sources reveal that Newmont has informed management that it hopes to keep costs at the lowest level in the industry. This means that costs per ounce need to be reduced by about $300. Although the company has not specified the exact number of layoffs, some sources indicate that achieving this cost target may require cutting thousands of positions. As of the end of December, Newmont had approximately 22,000 employees, excluding contractors.