Newmont Announces Staff Reduction in Colorado as Part of Operating Model Shift
DENVER, June 12, 2012 — Newmont Mining Corporation (NYSE: NEM) (“Newmont” or the “Company) announced today that it plans to reduce its workforce in Colorado by at least 33 percent over the next 90 days.
The reduction reflects the company’s work to streamline its operating model and sharpen its ability to create value for shareholders and other stakeholders. In addition to delivering cost and efficiency improvements, the new model will shift greater accountability for production and profitability to its operational teams, and focus its corporate team on strategy and governance.
“Ongoing price volatility and steadily rising costs create intense pressure for Newmont to continuously improve its efficiency and effectiveness. We face some very difficult decisions in streamlining our organization and are committed to treating people fairly throughout this process. Ultimately, we cannot postpone the work we need to accomplish now to create sustainable value for our stakeholders into the future,” said Gary Goldberg, President and Chief Executive Officer.
Founded in 1921 and publicly traded since 1925, Newmont (www.newmont.com) is one of the largest gold companies in the world. Headquartered in Colorado, the Company has approximately 40,000 employees and contractors, with the majority working at core operations in the United States, Australia, Peru, Indonesia, New Zealand and Ghana. Newmont is the only gold company listed in the S&P 500 index and in 2007 became the first gold company selected to be part of the Dow Jones Sustainability World Index. Newmont's industry leading performance is reflected through high standards in environmental management, health and safety for its employees, and creating value and opportunity for host communities and shareholders.
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