Coal, a prominent factor in the origins and growth of the European settlement of Newcastle (New South Wales, Australia) is not a part of the current city’s narration. The city in some ways is still governed by the mines of the penal settlement but a tourist may remain oblivious to this when they visit. This paper looks at the tourism potential of Newcastle’s mining heritage. It introduces the factors considered in terms of a heritage site, the importance of memories related to heritage structures, the role the industrial landscape plays in a city’s social and economic life as well as rehabilitation aspects. This research was done based on qualitative and quantitative methodology drawing on a comparative analysis of case studies. The detailed analysis of four case studies on industrial heritage tourism was executed based on heritage value, transformed spaces, the businesses the sites support, factors of authenticity, site areas, revenue generation and average footfall. This research helps to identify the positive traits of Newcastle in terms of mining heritage tourism and opens the possibility of future research.