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The company said in a statement that as production ceased Austar was committed to providing support and further career opportunities where possible for the 137 employees on site.
"Prior to this decision being made, Yancoal undertook extended consultation with the unions and employees regarding future workforce arrangements," it said.
Approximately 44 employees will be retained at Austar to undertake ongoing care and maintenance works at the site.
"Yancoal is also committed to providing redeployment opportunities where possible to our other operations," the company said.
"In addition, Yancoal has offered voluntary redundancies to all employees."
Mining operations at Austar date back to 1916.
In December 2004, Yancoal purchased 100% of the Southland Coal Mine, which consisted of the former Ellalong Pelton and Southland Collieries, and renamed the operation Austar.
In 2019, Austar produced what was equivalent to about 3% of Yancoal's saleable coal production.
"We continue to evaluate mining opportunities to recommence production at Austar in the future," Yancoal said.
