Newmont Corp. (NYSE: NEM) is preparing a major cost-reduction plan that could lead to thousands of job losses, Bloomberg reported on Wednesday, citing people familiar with the matter.
The world’s largest gold miner, which completed its $15 billion acquisition of Newcrest Mining in 2023, is targeting a reduction of as much as $300 per ounce in all-in sustaining costs (AISC). That would represent a cut of about 20% and bring Newmont closer in line with its lowest-cost peers.
Rising costs after Newcrest deal
Newmont’s costs have surged in recent years, climbing more than 50% over the past five years due to higher energy, labor, and material prices. The situation reportedly worsened following the Newcrest acquisition, which expanded the miner’s portfolio to about 20 operations, including copper assets.
In the second quarter of 2025, Newmont reported an AISC of $1,593 per ounce, nearly 25% higher…
