The Beaconsfield gold mine in northern Tasmania is closed after 135 years in operation. Miners clocked off for the last time on Friday night.
BCD Resources previously told the Stock Exchange the operation was no longer profitable.
Beaconsfield miners Todd Russell and Brant Webb were trapped underground for more than two weeks following a rockfall in 2006. Fellow miner Larry Knight died in the collapse.
West Tamar mayor Barry Easther said part of the site would be donated to the Beaconsfield Mine and Heritage Centre in the hope of bringing more tourists to the region.
The ABC reports displaced workers are pinning their hopes on a nickel mine that is proposed for the area.