CMI shuts moly mine; minimal impact seen

Jun 03, 2014 | 02:05 PM | Daniel Fitzgerald

Tags  Chevron Mining, Questa, molybdenum mine, CMI, Molycorp, molybdenum prices, Daniel Fitzgerald

NEW YORK — Chevron Mining Inc. (CMI) has shut down its Questa molybdenum mine in New Mexico due to "projected ongoing financial losses," although market sources believe the closure will have little impact on the domestic market.

All employees were notified of the move June 2, with mining operations ceasing immediately.

"Shutting down the Questa Mine was a difficult decision that was based on the mine’s projected ongoing financial losses given low molybdenum prices and increased operational costs," CMI president and chief executive officer David Partridge said in a statement. ....

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