The recent trimming of non-core gold project fat has appeared to have inspired a period of transformation for Newmont, with the miner announcing it will farewell a number of management staff.
Since it took control of Newcrest last year in a $26.2 billion mega-deal, Newmont has been on a mission to lean out its portfolio of gold assets.
Now, the miner has found other ways to optimise, cutting two dozen middle manager jobs and one executive in a corporate overhaul, according to Bloomberg.
“Following the Newcrest acquisition and progress with our key divestments, we are continuing to execute our strategy focused on a portfolio of Tier 1 assets and projects,” a Newmont spokesperson said.
“An integral part of this strategy is to ensure that we have an organisation that is fit-for-purpose from operational, functional and cost perspectives, and our business is well positioned for long-term success.”
Five business units are also said to be merging into three, with Australian and African stand-alone divisions on the chopping block. These will join North American and East Asian divisions.
Newmont is still in the process of sloughing off non-core gold mines, the latest of which saw the divestment of the Cripple Creek and Victor gold mine in Colorado to SSR Mining for up to $US175 million ($274.2 million).
Just last week, Newmont’s sale of Havieron and Telfer in Western Australia to Greatland Gold became official.
Total proceeds from Newmont’s 2024 transactions to date are expected to be up to $3.6 billion.
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