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Mineweb reported that Chevron Mining Inc. (NYSE:CVX) plans to close its New Mexico-based Questra molybdenum mine. It is unlikely to be reopened.
Mineweb reported that Chevron Mining Inc. (NYSE:CVX) plans to close its New Mexico-based Questra molybdenum mine. It is unlikely to be reopened.
As quoted in the market news:
In an interview with the Taos News, Chevron Mining CEO David Partridge said Questa is nearly a century old with the high grade and easy to access ore mined long ago. He noted that Chevron officials had commenced planning to announce the close in June.
‘We’re not a cost-effective producer anymore,’ Partridge said. ‘In fact, we’re the highest cost producer in the world in terms of the global market.’