New Hope Coal will finally shut down its Oakleigh coal mine in Queensland's Moreton Basin next week.
The miner originally announced the planned closure of the mine in July 2012.
At the time New Hope stated that the mine had seen declining production rates over recent years, with this 2012production standing at only 350 000 tonnes.
"The mine has now reached the end of its productive life," New Hope said in a statement.
It will officially close the mine, which has operated for around 65 years, next Thursday, according to the Queensland Times.
While New Hope had planned to shut the mine earlier, the resurgence in coal prices convinced it to extend the mine's operating life.
New Hope will now work towards rehabilitating the site.
"There will be some stockpiles that need to be removed after the operation ceases and then I expect New Hope will be spending a lot of money on rehabilitating the mine," local Rosewood councillor David Pahlke said.
Operations are planned to continue at New Hope's nearby Jeebropilly mine in the Moreton Basin.