Wealth from the Mount Morgan mine was also bequeathed in 1912 to establish the Walter and Eliza Hall Institute of Medical Research.

[5] In 1882, a syndicate was created to open a gold mine at Ironstone Mountain, 39 kilometres (24 mi) south of Rockhampton, Queensland.

Mount Morgan Limited progressively scaled back its workforce and operations until it reached the end of its ore body in 1981.

At the end of both such operations in 1990, the Queensland Government began negotiating with Mount Morgan Limited regarding terms of closure.

Perilya/Aumin NL commenced further exploration in 1992 leading to plans for potential further reprocessing at the Mount Morgan mine site in the future.

Walter Russell Hall was also a member of the original Mount Morgan Gold Mine syndicate.

[7] The site contains remaining structures of its mining operations including the General Office, Gold Rooms and Main Stack.

The Arthur Timms lookout overlooks remaining mine buildings and the Mount Morgan township.

According to former Queensland Minister for Mining, Stirling Hinchliffe, water in the pit contains elevated levels of copper, aluminium, magnesium and other metals.