Northern Territory mines and energy inspectors have declared the Roper River iron ore mine does not posed an environmental risk during the wet season.
Flood mitigation works were carried out by Ferrier Hodgeson, who have controlled the mine since it went into receivership last year.
Former mine owner Western Desert Resources went into voluntary administration in September 2014 due to iron ore prices plunging below $85 per tonne.
Since then iron ore has fallen to $62 in an 11 per cent drop since the start of 2015, and the lowest price since July 2008.
NT mines department executive director Phil Hausler said receivers had met government requirements for works to keep the Roper River operation on care and maintenance,” ABC reported.
“There'll probably be some further works required at the end of the wet season, but we're satisfied at this stage,” Hausler said.
Two other Northern Territory iron ore mines, Frances Creek (Territory Iron) and Roper Bar (Sherwin Iron) have folded due to the collapse of iron ore prices in the face of unsustainable production costs.
Hausler also said he hoped economic conditions would improve and allow an industry comeback.
“It's not in our interest to have these three sites in long term care and maintenance,” he said.