The mayor of Buchans says Teck Resources' Duck Pond mine, the island's largest underground mine, is shutting down.
Derm Corbett said Teck officials told him on Thursday that the mine would be depleted by 2015.
The copper and zinc mine, which is located near Millertown in central Newfoundland, officially opened in 2007.
Corbett said the mine employs more than 300 people, many of whom are from the central area.
"Very good jobs, very good salaries, and of course that money has been making its way back into the community for the past number of years, and they are going to be missed, no question about that," said Corbett.
He said while it is sad news, undoubtedly the employees will secure work elsewhere.
Efforts to extend the mine's life have failed
Meanwhile, mine general manager Larry Bartlett said the results are back on exploratory drilling, a search for untapped reserves of copper and zinc that Bartlett said has been fruitless.
"A year of drilling it, and analyzing it, and trying to figure out exactly what was there and wasn't there, and looking at all the data — it's just not there," said Bartlett.
"Everybody had their fingers crossed, and we were all hoping we could extend the mine life with this lower Duck. We've been working hard to try and make it work, and the biggest word, the most accurate word I can use is it's disappointing to all of us."
Bartlett said Teck Resources is looking for any other ways to keep the mine going, and hope to know if that's possible by mid-February.