In particular, it will celebrate the lives of the people who worked in the underground coal mining industry and remember those who died while at work.
Described as being the backbone of the community and the region, coal mining also spurred the development of greater Queensland.
Construction on the first stage has begun, and the Ipswich City Council has agreed to project manage the building of the memorial.
A contract for work on stage two, the construction of columns, has not been signed but an amount of $A250,000 has been received for this part of the project.