The falling price of asbestos worldwide has forced the closure of the Jeffrey operation, north of Sherbrooke, Que., forcing the owner, Jeffrey Mine, to file for bankruptcy protection.
The decline in the price of asbestos is attributed to cheaper production from Russia and Zimbabwe, coupled with concerns about respiratory illness caused by asbestos fibres.
The Jeffrey mine employed 320 workers and was producing 125,000 tonnes asbestos per year, well below its capacity.
There are now only two asbestos mines operating in Quebec; both are near the town of Thetford Mines and belong to LAB Crysotile. The two mines produce a total of 180,000 tonnes, which is sold mainly in Asia.
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