Impala Canada's Lac Des Iles mine located North of Thunder Bay (File Photo/Acadia Broadcasting)

Nearly 100 people have been laid off from Impala Canada’s Lac Des Iles mine north of Thunder Bay.

A statement from Chief Executive Officer Tim Hill says the decision was not made lightly.

“We carefully considered all options, and took every measure to complete this restructuring with care and respect for our colleagues. Decisions like this are never easy, but in some circumstances, they are necessary.”

The layoffs come following a downturn in the market, with palladium prices down 50 percent of what they were at this time last year, and a major recovery in the price in the short-term is not expected.

However, the company is reaffirming its LDI operation will remain significant, but the production and investment portfolio will adjust accordingly.