By Liz Nickels

The Washington Times reports that, according to the company, around 300 miners have been given a 60-day notice of their layoffs.

A Chevron spokesperson, Margaret Lejuste said that the decision was “made after an intensive review of the economic viability of the mine.”  Reportedly, the price of the steel hardening element isn’t covering the operation of the mine.

The mine has in operation since 1916 has had numerous productions cutbacks over the years.

In May 2012, US moly production declined by 25%, although a Roskill report suggested that global moly demand was on the rise.