The half pit wheel has been installed at the bottom of Flanshaw Lane where the old Flanshaw library once stood.
The memorial has been made possible thanks to a grant from Wakefield Council and a fundraising campaign by a small group of mine historians called The Wakefield Mining Heritage Group.
Founder member Tony Banks said: “We’ve had this idea for three years but we were on with other projects. The wheel was in the Secret Garden at Thornes Park and two years ago we sent it to Barnsley to be sandblasted and painted.
“Because of Covid the work couldn’t start until earlier this year.
“We have called it the Lupset project.
“It’s for the miners who worked at Roundwood, Manor and the four older collieries that were once in the area.
“It’s also for Craven Fawcett who made mining machinery and bricks. Incorporated on the base of the wheel are two Craven Fawcett bricks with two other bricks for the quarry workers.”
The five members of the heritage group are all former miners who worked together at pits in the Wakefield area and travel around giving talks about the history of mining and fundraise to provide memorials around the district.
The unveiling will take place on Sunday, May 29. People will assemble at 11.30am on the green at the bottom of Flanshaw Road and march behind mining banners. The parade will be led by the Sheffield Steel Band.
Once at the memorial site there will be speeches before the wheel is unveiled.
Mr Banks said: “All are welcome. Afterwards we will go down to the Magnet pub where there will be a free buffet and a drink and the band will be playing throughout the afternoon.”