Asbestos, named in the 19th century, contained the world's largest open-pit asbestos mine, which closed in 2011.

Formerly the village was the site of a large asbestos mine.

There was also an asbestos mine that remained operational until the mid-1990s, which has now ceased its operation.

The town developed as a residential centre for an asbestos mine which started operations in 1916 but growth was slow until the railway reached the town in 1928.