One of the two survivors of the Beaconsfield mine disaster hopes the town flourishes despite the winding down of operations.
After 135 years, the northern Tasmania mine has stopped extracting gold because it is no longer profitable.
About 40 workers clocked off for the last time on Friday night.
The mine's operators BCD Resources previously told the Stock Exchange the operation was no longer profitable.
The mine was the centre of the world's attention in 2006 when a rockfall killed Larry Knight and trapped fellow workers Todd Russell and Brant Webb for more than a fortnight.
Mr Webb says the community sees tourism as a way to soften the blow to the workforce.
"Well that's the only path we've got at this point in time," he said.
The region's mayor Barry Easther has welcomed part of the mine being donated to the Beaconsfield Mine and Heritage Centre in the hope of bringing more tourists to the region.
"We're looking forward to expanding that and developing our tourist attraction," he said.
"It's a disappointing time however we need to look to the future." A mill connected to the site is still open and the mine's owners are investigating extracting gold from tailings left over from the operation.
Displaced workers are now pinning their hopes on a nickel mine that is proposed for the area.