Newmont Corp., the world’s largest gold producer, is evaluating a sweeping cost-reduction programme that could include thousands of job cuts, according to people familiar with the matter. Managers have been told the company wants to lower its all-in sustaining costs by about $300 an ounce, or roughly 20%. Expenses have climbed since Newmont completed its $15 billion purchase of Newcrest Mining Ltd. in 2023, pushing per-ounce costs to a record high earlier this year. The cost-saving drive may require eliminating a significant portion of Newmont’s roughly 22,000-strong workforce and trimming long-term incentive payments. Some employees have already been briefed while executives finalise the restructuring plan, the people said. Although bullion is trading above $3,300 an ounce and Newmont shares have risen 95% in 2025, higher energy, labour and materials costs have eroded margins and left the company trailing lower-cost rival Agnico Eagle Mines. Chief Executive Officer Tom Palmer told investors last month that further structural changes were under review.