The former Hydro Aluminium Kurri Kurri smelter site, which shut down in 2012, will be remediated and redeveloped.
The Newcastle Herald reported yesterday that the site was permanently closed now.
Richard Brown, managing director of Hydro Aluminium Kurri Kurri, said it was unlikely that anything would happen in the next two years – citing impact statements, applications and approvals – but the site had potential as a site for employment.
"We also believe portions of the site will be ideal for residential development, close to existing residential areas and in obvious population growth areas,” Brown told The Herald.
"We will continue working with government at all levels and with other stakeholders to ensure the land can be re-used for maximum benefit."
Rod Doherty, president of the Kurri Kurri District Business Chamber, also cited the proximity to the Hunter Expressway and potential use for indutrial purposes in the future.
"There's some 2,000 hectares out there of buffer zone and industrial site, there's probably about 100 to 200 hectares of the industrial site," he told the ABC.
"It's a very, very clean site, it's not a Pasminco or BHP site.
"It could be redeveloped fairly quickly.”