New-look Newmont cuts management positions

Newmont is restructuring its management team as it streamlines operations following its acquisition of Newcrest Mining.

The restructure involves Newmont consolidating business units and cutting nearly a dozen management positions, including one executive team role.

According to Bloomberg, the company is focused on operational efficiency and cost management as it leverages its expanded portfolio of Tier 1 assets.

“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 told Bloomberg.

“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.”

The restructuring includes merging Australian and African operations into broader units that oversee North America and East Asia.

This new structure reduces the number of business units from five to three, streamlining the company’s reporting and operational framework.

It comes as Newmont undertakes a robust divestment program to focus on core assets and ensure financial flexibility.

The company has surpassed its initial $2 billion target in non-core asset sales, recently completing the divestment of the Cripple Creek and the Victor gold mine in Colorado to SSR Mining for $US100 million, with potential additional payments of up to $US175 million.

The company also signed a deal to sell the Éléonore underground gold mine in Quebec, Canada, to Dhilmar for $US795 million in cash.

These divestments allow Newmont to channel resources into its highest-performing operations and promising new projects while reducing costs.