The town was named after Thomas Moore Price, who worked for the American Company, Kaiser Steel.

He arrived in the area in the early 60's to appraise deposits of ore and was instrumental in convincing the mining companies to mine in the area. He also played a major role in lobbying the State and Federal Government to allow mining to proceed and for the ore to be exported.

In September 1962 at the age of 71 Thomas Moore returned to America. He passed away from a heart attack at his desk, only two hours after being advised of the very rich ore deposit discovered on a mountain in the town.

In recognition of Thomas Moore Price and his efforts during the foundation of the industry, the mountain and the town, Tom Price was named after him.