Workers at Canada's largest asbestos mine are hoping concessions in their collective agreement will keep their workplace open for another 25 years, but are also preparing for the mine's possible shutdown.

Almost 180 workers in Asbestos, Que., voted on Sunday in favour of putting 10 per cent of their salaries into a fund that will be held in trust by the provincial government, in case the mine fails.

There are already plans to expand the 130-year-old Jeffrey Mine by developing an underground deposit.

Bernard Coulombe, the mine owner, has also asked the Liberal government for more than $50 million in loan guarantees.

The request will eventually be presented to the Liberal government cabinet, but only after an independent review of the mine's expansion, said Economic Development Minister Clément Gignac.

The Liberal government also wants a guarantee from the mine that it will insist its clients use the material according to Quebec safety laws.

A group of business co-operatives in the region has already raised $2 million to expand mining operations, in order to revitalize the region's economic prosperity.

In the last five years, more than 1,000 jobs have been lost in the region, which is 200 kilometres east of Montreal.

Expanding operations at the mine would help create or preserve about 450 jobs.

Asbestos is a controversial building material banned in many developed countries, including all member states of the European Union. But several developing countries still import it.

The mineral poses health risks when the fibres become airborne and are lodged in the lungs. Over repeated exposure, scarring occurs, which can lead to cancer.

The material's use in Canada is strictly controlled through the Hazardous Products Act.