THETFORD MINES, Que. - Canada's last fully operational asbestos mine says it could be on the verge of closing.

Quebec's LAB Chrysotile said in a statement Tuesday that the operation could be forced to shut down in November for an undetermined period of time.

Because the mine is currently embroiled in a labour conflict with its workers' union, it's unclear whether the threat is anything more than a negotiating tactic.

Mine president Simon Dupere expressed confidence in the future of the asbestos industry.

"We've given ourselves 16 weeks to deal with our (labour) problems," Dupere told The Canadian Press in a telephone conversation later Tuesday, referring to the November deadline.

"We're confident that we will succeed in getting past this -- and we will work together to make sure that happens."

The industry has declined severely in recent decades, as asbestos use has fallen out of favour within Canada over health concerns.

Now Canada's continued exports of the hazardous substance have faced increasing opposition from physicians and environmentalists around the world.

Its exports to developing countries were recently mocked on the popular U.S. satire program, Jon Stewart's Daily Show.

But proponents of the Quebec asbestos industry -- including the Harper government -- insist it can be safe if handled according to proper safety standards.

The once-thriving industry is a rump of what it once was: LAB Chrysotile, of Thetford Mines, Que., says it employs 350 people. A second mine in Quebec is hoping to be revived with a government loan guarantee.