One of Canada's last two remaining asbestos mines has declared bankruptcy.

Owners of Quebec-based LAB Chrysotile cited costs and a lack of revenue for the move.

They say declaring bankruptcy is a necessary step to get the company back on a solid financial footing.

The company says in a statement today that it plans to meet soon to discuss the future possibility of relaunching operations.

LAB Chrysotile, which operates Lac d'amiante du Canada in Thetford Mines, had shuttered its operations indefinitely last fall.

Company president Simon Dupere said last summer the operation was plagued with internal problems including labour, production and development issues.