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Iron Ore mining is the main industry and economic base in Labrador West, and has been so for over thirty years. The area is the Iron Ore Capital of North America, with the largest ore concentration and yearly yield on the continent. The three major mines in the area, Wabush Mines, The Iron Ore Company of Canada (Lab City) and Quebec Cartier Mining, based 40 km away, together produce 95% of Canada's iron ore, with exports of over 20 million tons annually. In 1995 IOCC was the provinces second largest source of revenue.
Iron Ore has been the main stay of Wabush and Labrador City, but it is not the only mineral in the area. Exploration in Labrador West is greatly improving and increasing as new techniques are available to combat the rugged conditions, and make detailed exploration possible. As of late exciting finds have  been made, and as a result the amount of exploration being conducted has risen drastically. Manganese, quartzite, graphite, chromite, mica and crushed stone are among the list of exciting prospects for future development, and new discoveries of nickel, copper and cobalt have been made both north and south of Labrador West. Of course the nickel discovery of the Voisey's Bay area has sparked attention and interest worldwide. The mines being constructed there will provide employment and feed the economy for years to come. There will undoubtably be more such mines within a short period of time, as more mineral deposits are explored.
As the mining industry continues to diversify, and the areas mining activities expand, Labrador West
continues to blossom with new opportunities for business. Over the past few years a new dolomite mine has opened, the stone utilized in the iron ore production at IOCC to improve the quality of the finsihed product. Also recently found silica deposits hold promise
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