Newmont Corp. to lay off 19 employees in Colorado as part of cost reductions

Newmont Corp., the world’s largest gold producer headquartered in Colorado, is set to reduce 19 positions at its Denver headquarters and Englewood technical facility. The company informed state and local officials about the layoffs, which will primarily affect management roles, starting around Oct. 28. These reductions are part of a larger plan announced in February that includes both labor and non-labor cuts. Employees impacted by the layoffs will receive severance packages and at least a 60-day notice period.

Newmont CEO Tom Palmer emphasized the importance of reducing costs and improving productivity as the company transitions from managing 17 to 11 operations this year. The move aims to position Newmont for long-term success in varying gold price environments and meet shareholder commitments.

Following Newmont’s acquisition of Newcrest Mining Ltd. in 2023, there have been speculations about possible deeper cuts to lower costs by up to 20%. However, Newmont clarified that there is no set percentage target for headcount reductions or cost reductions per ounce of gold.

In its second-quarter earnings report, Newmont revealed impressive figures, including net income of $2.1 billion and record quarterly free cash flow of $1.7 billion. The company also completed the sale of the Cripple Creek & Victor Gold Mine in March, receiving $100 million in cash from SSR Mining Inc. with potential additional payments of up to $175 million for the Colorado mine.

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Originally Published: August 29, 2025 at 1:11 PM MDT