Mayor Tony McGrady and Deputy Mayor Brett Peterson believe the site has great potential to be developed for commercial use.

``Councillor Peterson and myself have been looking at a way in which to revitalise that area - as a result of the fire and the disuse, we believe that we need to take action as soon as possible,'' Cr McGrady said.

``What we are looking at doing is removing the hill and moving the historic equipment across to Outback at Isa.

``When the hill is removed the land could be used for other developments.'' 

Cr McGrady said he believed there would be interest in the prime piece of land for commercial developments.

``It will revitalise the whole of that area because at the moment it's looking a bit stale,'' he said.

``Something has to be done.'' 

Cr McGrady said the cost of flattening the site would be offset by the sale of the land.

He and Cr Peterson met with a relative of the late Frank Aston and discussed their plans for the future of the site. They assured the family member the council would ensure Mr Aston's contribution to the city was formally recognised even if the site was developed.

The project will be put to the board of the Mount Isa City Council Owned Enterprise Company in the coming months.

Cr McGrady said the company had an interim board, but there would soon be calls for expressions of interest for additional board members.