Nov 7 (Reuters) - Newmont ( NEM ) has cut about 16% of

its workforce as part of a restructuring following the

acquisition of Australian miner Newcrest, according to an

internal memo to staff seen by Reuters.

The reductions include job eliminations, unfilled vacancies,

and changes to role levels, the memo said, reflecting efforts to

streamline operations and integrate the two companies.

Newmont ( NEM ) bought Newcrest in 2023 for about $17 billion and

following the acquisition, the world's top gold producer sold

more than $2 billion in Canadian assets, cut jobs and trimmed

debt in a bid to divestment of non-core operations.

As part of its integration, Newmont ( NEM ) launched an overhaul

project, known internally as 'Project Catalyst'.

In the final stage of the cost and productivity plan,

Newmont ( NEM ) reduced roles by roughly 12% at its "Level of Work 2",

which covers superintendents, leads and specialists, and by

around 10% at "Level of Work 1", including advisors, officers,

operators, and maintainers, according to the memo.

Newmont ( NEM ) told employees the restructuring was completed a

month ahead of schedule, to ease concerns about prolonged

uncertainty.

As of Dec. 31, 2024, Newmont ( NEM ) employed about 22,200 people

and had an additional 20,400 contractors.

"Moves to reshape our structure reflect one of several steps

we are taking in 2025 to reduce our cost base and improve

productivity," a company spokesperson told Reuters.

Newmont ( NEM ) is also reviewing its portfolio to focus on

high-return assets and partnerships, including the Nevada Gold

Mines venture with Barrick Gold ( B ).

CEO Tom Palmer, who will retire on December 31, told Reuters

last month the company was committed to strengthening ties with

Barrick to maximize output from the Nevada operations.

Barrick holds a 61.5% stake and Newmont ( NEM ) owns the remaining

38.5% in their northern Nevada joint venture.

(Reporting by Abhinav Parmar in Bengaluru and Maxwell Adombila

in Senegal; Editing by Arun Koyyur)