07:27 AM EDT, 08/27/2025 (MT Newswires) -- Newmont ( NEM ) could cut its headcount by "thousands" as it aims to reduce costs, which have soared following its acquisition of Newcrest Mining in 2023, Bloomberg reported Wednesday, citing people familiar with the matter.

Newmont ( NEM ) has informed managers it wants costs to be closer to those incurred by its lowest-cost peers, which would require reducing expenses by as much as $300 per ounce of production, or around 20%, the report said.

While the company has not finalized the number of job cuts, the intended target would require cutting its headcount by thousands, the report said.

Newmont ( NEM ) did not immediately respond to an MT Newswires request for comment.

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