Territory Iron has halted production at Frances Creek iron ore mine.
The closure of the mine was first mooted in July last year, with work at the mine coming to an end last week.
ABC reports that just 20 of the 300-strong workforce is left at the Frances Creek site, with that number set to be reduced even further in coming weeks.
The mine closure comes at the same time as the iron ore price fell to lows not seen since 2009.
Frances Creek was the last iron ore mine in operation in the Northern Territory.
Sherwin Iron and Western Desert Resources both went into voluntary administration last year as a result of the falling iron ore price.