The former superstar of rare earths mining said it has decided to put the California facility on "care and maintenance" mode by Oct. 20 due to weak prices.
Despite current adverse conditions, advisory firm Behre Dolbear is recommending mining stakeholders to focus on markets that have been able to ride the wave relatively well so far.
As prices for the company's four key "pillar" commodities —iron ore, metallurgical coal, copper and oil and gas — have all dropped to multi-year lows in the past 12 months.
We're not in 2008 – plotting global economic growth against commodity prices shows metals and mining sell-off is disconnected from realities on the ground.
The US has suspended the futures market on the Nasdaq index, as panicking traders have driven it down 5% — the maximum allowed under Wall Street rules.
Metals from copper to aluminum fell again Friday, and were heading for their worst week of the year, after data showed Chinese factory activity shrinking at the fastest pace since 2009.