Vancouver-based exploration and development company TTM Resources (TSX-V:TTQ) has withdrawn its Chu Molybdenum Mine Project in central B.C. from both provincial and federal environmental processes.
In a letter to the B.C. environmental assessment office, TTM CEO Crichy Clark blamed “weak financial markets and the depressed price of molybdenum” for the company’s decision.
TTM will remain in control of Chu and can decide whether it will renew work on the deposit in the future.
TTM’s Chu project isn’t the first B.C. deposit to suffer the effects of falling molybdenum prices. In 2012, Thompson Creek Metals (TSX:TCM) ceased mining at its Endako Mine because of a downturn in the molybdenum market.
Currently, molybdenum is trading at US$ 9.53 per pound, a 52-week low. This year’s 52-week high was US$12.70 per pound.
