BofA update shows where active managers are putting money
Investing.com -- Gold mining giant Newmont Corp (NYSE:NEM) is preparing for significant job reductions as part of a comprehensive cost-cutting initiative, according to a Bloomberg News report published Wednesday.
The world’s largest gold miner is exploring strategies to reduce expenses following its $15 billion acquisition of Newcrest Mining Ltd. in 2023.
According to the report, Newmont has instructed managers to align costs more closely with its most efficient competitors.
This cost alignment would require Newmont to lower expenses by as much as $300 per ounce, representing approximately a 20% reduction, it added.
While the company has not officially announced how many positions will be eliminated, the scale of these cost-cutting targets could necessitate thousands of job cuts, Bloomberg reported.
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