QUESTA, N.M. (AP) — Chevron Mining Inc. has announced its closing its molybdenum mine in northern New Mexico due to low demand.
The San Ramon, Calif.-based company said Monday around 300 miners in Questa were given a 60-day notice of their layoffs as required by federal law.
Chevron spokeswoman Margaret Lejuste says decision was "made after an intensive review of the economic viability of the mine." She says the price of the steel hardening element isn't covering the operation of the mine.
The mine, in operation since 1916, has a history of boom and bust in this small northern New Mexico community of about 2,000 residents as the worldwide price of molybdenum rose and fell. It has been the subject of numerous productions cutbacks over the years.