According to Austin the contract termination was by mutual consent and was due to COVID-19 impacting the mine operations where the work was being conducted.
The company said all employee entitlements, totalling about $1 million, would be paid.
The contract was worth $15 million in revenue for the year ended June 30 2019 and $9 million in the previous financial year.
Austin insists the earnings before interest, tax, depreciation and amortisation contribution of the contract is not material to the overall group.
With the contract gone Austin's operations in Colombia consist of its workshop in Barranquilla and several small site repair contracts.
The company is conducting a strategic review into its operations in Colombia and Peru.
