A small toy figure and gold imitation are seen in front of the Newmont logo in this illustration taken November 19, 2021.
Newmont acquired Newcrest in 2023 for approximately $17 billion, creating the world’s largest gold producer. Since the acquisition, the company has taken steps to optimize its portfolio, including divesting over $2 billion in Canadian assets, reducing debt, and cutting positions related to non-core operations. The integration initiative, known internally as “Project Catalyst,” aims to enhance efficiency, reduce costs, and improve productivity across the company’s global operations.
According to the memo, Newmont reduced positions by about 12% at its “Level of Work 2,” which includes superintendents, leads, and specialists, and by roughly 10% at “Level of Work 1,” covering advisors, officers, operators, and maintainers. The company noted that the restructuring was completed one month ahead of schedule to minimize uncertainty for staff and ensure a smoother transition.
As of December 31, 2024, Newmont employed around 22,200 full-time staff and worked with an additional 20,400 contractors worldwide. A company spokesperson said: “Moves to reshape our structure reflect one of several steps we are taking in 2025 to reduce our cost base and improve productivity.” The spokesperson emphasized that the changes are part of a broader plan to strengthen operational performance and support the company’s long-term strategic objectives.
Newmont is also conducting a portfolio review to focus more closely on high-return assets and key partnerships, including its joint venture in Nevada with Barrick Gold (ABX.TO). The Nevada Gold Mines partnership, the largest gold-producing complex in the world, is jointly operated by the two companies, with Barrick holding a 61.5% stake and Newmont owning the remaining 38.5%.
Chief Executive Officer Tom Palmer, who is set to retire on December 31, recently told Reuters that Newmont is committed to deepening cooperation with Barrick Gold to enhance efficiency and production from their Nevada operations. Palmer said the company’s focus remains on maintaining financial discipline, optimizing its asset base, and driving sustainable growth.
The completion of the restructuring marks a significant milestone in Newmont’s post-acquisition integration process. With “Project Catalyst” nearing its conclusion, the company aims to enter 2025 with a leaner structure, improved cost efficiency, and a stronger foundation to pursue future growth opportunities in the global mining sector.
