The Iron Ore Company of Canada has donated 34 hectares of land to Labrador City, which will help the town focus on growth, according to Mayor Belinda Adams.
In total, 17 parcels of land — valued at about $4.2 million — were handed over Wednesday.
Adams said they'll be used for varying opportunities.
"There's little parcels of land but also in that 17 parcels there's some bigger land that's going to be good for our community to grow, whether that's recreation or added to our trails," Adams said.
"We do know that one parcel of the land is for the recreational area. It's getting kind of congested up there. We want to grow, so we're going to grow that section of town. That will definitely be a benefit."
The donation has been 10 years in the making.
Michael McCann, president and CEO of IOC, said his company knows that for a community to develop it needs room to grow.
"Labrador City was once all part of IOC and as the town grew and developed, the ownership of land transferred to that of the municipality. However, numerous parcels of land across town remain in our hands," McCann said.
"For more than 10 years we have searched through archives, consulted with the town and researched the registry of deeds to identify all the small and large parcels of land that remain with IOC.… We recognize that the land is very important as part of regional growth and prosperity for the area of Lab West."
McCann said IOC is committed to supporting the local economy through jobs and investments.
"We plan our business for the long term, focus on sustainable development to help ensure future generations can benefit from what we've achieved over the years," he said.
"Our commitment to our people and the role we play in finding better ways to provide minerals for the world needs are at the core of our vision of this future."