Newmont's Corporate Overhaul

(Reuters) – Gold miner Newmont has let go of nearly a dozen managers, including an executive, as part of a corporate restructuring, according to Bloomberg News on Monday.

The report indicated that the company plans to dismiss one executive and at least ten senior managers, according to unnamed sources.

Additionally, Newmont announced plans to merge several businesses, consolidating five units into three, and integrating standalone divisions operating in Australia and Africa with those controlling North America and East Asia.

Earlier in February, Newmont had previously stated it would reduce its workforce to cut debt following its $17.14 billion acquisition of Newcrest.

The company, which did not immediately respond to Reuters' request for comment, also missed Wall Street's profit expectations for the third quarter due to higher costs and reduced production in Nevada.