The Questa Mine, owned by Chevron Mining Inc., is closing because of low molybdenum prices.
Chevron Mining announced that it would shutter the 100-year-old molybdenum mine in New Mexico and that 300 workers would be laid off.
The workers were given 60-day notices, Chevron spokeswoman Margaret Lejuste told the Albuquerque Journal.
The mine has faced many ups and downs over the past century, but this time, "I think it's a final closure," said Mark Gallegos, mayor of the village of Questa. "Having a closure plan in the process, we knew the day was going to come — we didn't know it was going to be today."
Lejuste said Chevron expects cleanup and remediation of tailings ponds to take around 20 years.
In 2008, Chevron reached an agreement with the town to create an annual $320,000 fund partly to create other sources of revenue for villagers.