The two Queenstown men, aged 25 and 45, died from their injuries after a fall at the Mount Lyell copper mine in the state’s west on Monday morning.
Police say both men, who were employees of Copper Mines of Tasmania, were pronounced dead at the scene.
Copper Mines of Tasmania general manager Scot Clyde said all operations at the mine have been suspended until Tuesday.
“Our deepest sympathies are with the families of the two workers, their immediate work mates and also our other site employees who will be saddened by this tragic accident,” Mr Clyde said in a statement.
The names of the two men are yet to be released, but police say their next of kin have been notified.
One of the men’s bodies was taken to Queenstown’s West Coast District Hospital, but the other remains at the scene.
The incident is being investigated by police, the coroner and Workplace Standards.
Copper Mines of Tasmania is a subsidiary of Indian company Vedanta.