Newmont also told employees it plans to merge several business units in an effort to streamline the reporting structure. Five units will be consolidated into three, ridding the miner of standalone divisions that oversee operations in Australia and Africa, and combining them with units that oversee North America and East Asia.
The shakeup follows a disappointing earnings report in late October that revealed the gold producer is struggling to control costs and capitalize on surging bullion prices. Newmont is spending more than expected to dig gold from mines in Australia, Canada, Peru and Papua New Guinea. Chief executive officer Tom Palmer faced criticism from top investors in private conversations with the company following the October earnings report, said one of the people.
The restructuring is also in response to the company’s $15 billion takeover of Newcrest Mining in 2023, which saw the firm acquire several…
