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Operations At ORC Suspended
Operations have been suspended at Oregon Resource Corporation.
According to CEO Wayne Knott, “the market price for chromite has fallen significantly over the past year due to the global downturn in the steel industry and the resulting oversupply of chromite. The price fall in worldwide demand for premium ORC spherichrome has resulted in ORC operations becoming cash flow negative. The Board of IDM International has not been able to source sufficient funding for operations to be financially viable in the short to medium term. IDM will meet all its financial obligations and will complete the rehabilitation of the South Seven Devils site where it was mining. Rehabilitation of the mined area is an integral component of day to day operations and the site will comply with all environmental obligations.”
The Coos Bay mining company, with a processing plant in Bunker Hill, laid off 31 employees last week.