The Iron Ore Company of Canada has laid off some of its executives.
An IOC spokesperson wouldn't specify how many employees were laid off permanently, but said notices were given to employees in Montréal, Sept-Îles, Labrador City and St. John's.
In an email to CBC News, IOC said they have been "focused on reducing costs for several months, particularly related to external services providers and improvements in our overall workforce productivity."
The company called 2013 "a year where we must deliver on our commitments, particularly in light of our concentrate expansion program."
IOC said it is still expanding its mining operation in Labrador.