Gold miner Newmont plans to cut jobs as part of a cost-cutting initiative to reduce expenses by $300 per ounce. Thousands of lay-offs are expected. The company aims to align with its lowest-cost peers. In June, Newmont reported all-in-sustaining costs of $1,593 per ounce, up 2% from last year. The miner previously announced plans to divest non-core assets, trim workforce, and reduce debt after acquiring Australian firm Newcrest. As of December 31, 2024, Newmont had 22,200 employees and about 20,400 contractors. Executives have begun informing staff about redundancies and potential long-term incentive cuts. Newmont has not responded to requests for comment.

Read more at Yahoo Finance: Newmont planning to cut jobs in cost-cut drive, Bloomberg News reports