The quarry at Ten Mile Bay will not be opening this year.
The Hopedale Stone Plant will also stay closed.
That announcement came from The Labrador Inuit Capital Strategy Trust in a press release today.
According to the press release Ten Mile Bay has had “significant losses” since it started.
They say it would continue to lose money this year.
Clint Davis is the chair of the Labrador Inuit Capital Strategy Trust.
He says Ten Mile Bay has been known to face financial challenges for some time.
Davis adds their efforts to find a business partner have proven to be unsuccessful.
This decision will affect 36 seasonal workers.
Efforts are now underway to find new employment for these workers.