A historic chapter has ended, with Glencore’s copper mine shutting down after seven decades of operation.

Just before midnight on Wednesday, workers emerged from nearly two kilometres underground for the final time in Mount Isa, Queensland.

WATCH THE VIDEO ABOVE: The Mount Isa mine closes

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The deepest mine of its kind in the country is no longer financially viable to run, according to the Swiss-based operator.

“A lot of people, I’m sure it’ll be a sad time, but it’ll be a good time for them as well, new beginnings,” one miner told 7NEWS.

“It’s going to impact the town big time,” said another.

“But life moves on. I know mine is.”

As one worker shouted from a car window: “All over. Woohoo!”

About 500 people have lost their jobs. Some are relocating.

“I’m moving ... going down to work at a new mine in the Northern Territory,” said one miner.

“There’s people who’ve been here 20, 30 years,” another added.

“It’s sad for them, but a chance to retire and move on.”

What the closure means for Mount Isa

The city has long been tied to mining.

Local businesses are already feeling the change.

“A lot of the people who’ve lost their jobs are locals who’ve been here a long time,” Robert Burow from Colonial Convenience Store said.

Mount Isa’s population dropped 18 per cent between 2001 and 2021, now sitting around 19,000.

City leaders expect further decline if more operations close.

Property prices have taken a hit, but not everyone is rushing to leave.

“We’re at the lowest amount of properties for sale that we’ve seen since 2013,” real estate agent Kieran Tully said.

Smelter future in doubt with 17,000 jobs at risk

Attention has now turned to Glencore’s copper smelter, Mount Isa’s last major employer, and the Townsville refinery it supplies.

As the company reviews their future, up to 17,000 jobs across North Queensland could be affected.

Mayor Peta Macrae warned Mount Isa’s ”economic ecosystem would enter a death spiral” without it.

A delegation is in Canberra calling for urgent federal support.

“It’s five minutes to midnight,” Townsville Enterprise CEO Claudia Brumme-Smith said.

“We need a deal between the government, the state government and Glencore — right now.”

“Towns and cities are really facing peril if we don’t save this,” Katter’s Australia Party Leader and Traeger MP Robbie Katter said.

Mount Isa turns to tourism and tech

The city is now eyeing a shift toward tourism, agriculture and technology.

“While one chapter is certainly drawing to a close, our future is still very healthy,” Councillor Dan Ballard said.

“We are optimistic,” Renee Johnstone from Bambino Espresso said.

“I’ve seen this sort of thing before in the town. It’s out of our control, so we just have to stay positive.”

There are concerns fewer residents could mean reduced demand for essential services like health and education.

But Queensland Education Minister John-Paul Langbroek assured “there’ll be no reduction and no intended reduction of funding.”

“This is not about a company or politics,” Glencore employee Cameron Gibson said.

“It’s about saving a community. It’s about saving rural and remote Australia.”