Newfoundland and Labrador's new fisheries minister says he is well aware that a decision is needed soon on a contentious issue that involves one community's future and a proposal to export tonnes of unprocessed fish.

Derrick Dalley, who was sworn in just last Friday as fisheries minister, met Tuesday with both executives of Ocean Choice International and leaders of the Fish, Food and Allied Workers union.

Fisheries Minister Derrick Dalley speaks to reporters Tuesday in St. John's. (CBC )

OCI says it will hire 110 people at its plant in Fortune so long as it is allowed to export 75 per cent of its yellowtail flounder quota unprocessed.

The FFAW is opposed to such a move — even though its Fortune members unanimously supported the company's proposal — and is also concerned that foreign fleets will be hired to catch the fish.

Dalley said he knows the stakes are high for both sides.

"People's lives are at stake. There's business decisions from OCI's perspective as well," said Dalley, who has declined to announce a deadline for a decision.

"I haven't given it a timeframe at this point but I've certainly committed that I will give it my full attention."

OCI wants to be able to have workers in Fortune handle the rest of its yellowtail flounder catch starting in January.

The FFAW has submitted an alternative proposal to the government, even though previous minister Darin King had cast the FFAW as possibly standing in the way of a deal.

Union president Earle McCurdy said the FFAW has always stood against wholesale exports of unprocessed fish, and that he doesn't know how Dalley can keep both sides happy.

"I don't know if there will be a solution that will satisfy everybody," he said.

"It will be a challenge. Obviously, there's going to have to be some significant changes in position somewhere for that to happen, and whether that's possible or not, I don't know the answer to that."