In a third round of layoffs, Newmont Corp. plans to let go 65 employees at its headquarters in Denver, bringing to 107 the number of recently announced staff reductions.
Newmont, the world’s largest mining company, notified state and Denver officials Wednesday that the layoffs are expected to occur around Dec. 14. The announcement follows one in August that 19 employees would be laid off and one Oct. 1 that 23 positions, primarily in its headquarters, would be terminated on or around Nov. 30.
Many of the targeted positions are management jobs. Newmont said in its notice that the reductions don’t “constitute a shutdown or closure of all operations at the company’s Denver headquarters.”
Newmont said the employees will be offered severance.
The latest notice of layoffs is part of a process the company has been working through, according to a statement from Newmont on Friday. Newmont won’t have a total number of affected employees until the process is finished, the company said.
Newmont has said the layoffs are part of a plan announced in February that includes both labor and non-labor reductions. The company said in August that it is taking several steps “to reduce our cost base and improve productivity” to deliver on commitments to shareholders and partners.
The cuts come as gold prices have hit record heights, rising above $4,000 an ounce for the first time. The price was about $4,265 per ounce Friday, down slightly from recent highs of above $4,300 per ounce.
The New York Times reported that gold has jumped more than 50% in value this year.
Newmont’s cost-cutting follows its $19.5 billion acquisition of Australian-based Newcrest Mining Ltd. in late 2023. Newmont completed its sale of the Cripple Creek & Victor Gold Mine in March. SSR Mining Inc. paid Newmont $100 million in cash and agreed to up to $175 million in additional payments for the Colorado mine.
Tom Palmer will resign as Newmont CEO and from the board of directors on Dec. 31, according to statement by Newmont. He has been CEO since 2019.
Natascha Viljoen, president and chief operating officer, will succeed Palmer and will join the board Jan. 1, 2026. Palmer will serve as strategic adviser until his retirement at the end of March.
Palmer joined Newmont in 2014 as a senior vice president, leading its operations in Indonesia. By 2016, he was named executive vice president and chief operating officer.
Palmer has been in the mining industry for nearly 40 years. He is a fourth-generation miner from Broken Hill in New South Wales, Australia.
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