(Reuters) - Newmont ( NEM ) has applied for a voluntary delisting of its common shares from the Toronto Stock Exchange due to low trading volumes, the world's top gold miner said on Wednesday.

The move, expected to be effective on or about the close of trading September 24, is likely to improve the administrative efficiency and reduce costs.

Bloomberg News reported in August that Newmont ( NEM ) has set a target of reducing costs by $300 per ounce, which could lead to thousands of layoffs.

Last year, the miner had announced plans to divest non-core assets, trim workforce and cut debt following its $17.14 billion acquisition of Australian firm Newcrest.

Since November 2024, the company has divested several of its Canadian assets, including the Eleonore mine that was sold for about $795 million, the Musselwhite Gold Mine in Ontario, sold in an $850 million deal, and its stake in Porcupine Operations in Ontario, sold for $425 million.

Newmont ( NEM ) still operates the Brucejack and Red Chris mines, both located in Canada.

The company had announced a $3 billion share repurchase program in July when it reported its second-quarter results.

The miner said on Wednesday it would maintain its primary listing on the New York Stock Exchange and support its listings on the Australian Securities Exchange and the Papua New Guinea Stock Exchange.

It does not intend to seek security holder approval in relation to the delisting, as the shares currently trade on alternative markets.