The Department of Environment, Food and Agriculture (DEFA) has announced the decision after engineers carried out an urgent inspection, which identified significant risks across several historic structures.
The issues included collapsed masonry, unstable walls and eroded footpaths.
DEFA Minister Clare Barber said: ‘The site must be placed off limits as the collapse has compromised the stability of key areas and poses a significant risk to public safety.’
Located on the slopes of Snaefell Mountain near Laxey, the mines were established in 1856 to extract lead and other minerals.
Once part of the Great Laxey Mining Company’s operations, the mine works reached depths of more than 1,100 feet before closing in the early 20th century.
The site was briefly reopened in the 1950s for spoil reprocessing before being permanently disused.
The site also has a plaque commemorating the Snaefell mining disaster of May 1897 during which 20 men lost their lives.
The mines are accessed via a byway from Agneash and a public footpath from the southern slopes of Clagh Ouyr. It is a popular route for climbing Snaefell from Laxey.
Mrs Barber added: “All access is being restricted, with signage and diversions installed ahead of the TT to prevent spectators from entering hazardous areas.”
While the affected footpath is not classified as a Public Right of Way, its closure and a diversion route are being implemented as a precaution.
Future access will depend on the availability of funding for extensive remediation work, which may require a capital bid to Treasury. If funding cannot be secured, the site may remain permanently off-limits.
A report explaining the risks and reasons for the closure will be published shortly.