16 May 2011 Last updated at 14:44 GMT It is hoped the plans will offset the loss of 400 jobs when the firm closed most of its operations two years ago. A leisure resort could be developed on land owned by Anglesey Aluminium Metals near Holyhead, creating up to 600 jobs.
The company said they intended to work with 'tourism developers' Land & Lakes, Anglesey Council and the Welsh Government to develop what is currently run as a country park.
Land and Lakes said its objective is to create a 'quality destination' leisure resort.
First Minister Carwyn Jones welcomed the "ambitious" plans.
Richard Sidi, chief executive of Land and Lakes, said: "Our objective is to create a 'quality destination' leisure resort of national significance to provide a sustainable economic legacy for the area.
'Enhanced facilities'
"This is a unique site in a unique location and we are hugely excited about developing our plans for this 'flagship' leisure resort which will include extensive local amenities," he added.
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This is a unique site in a unique location and we are hugely excited about developing our plans ”
End Quote Richard Sidi Chief executive, Land and Lakes The scheme might also include housing for workers building the Wylfa B nuclear power station.
"Land and Lakes has been in talks with Horizon Nuclear Power with regard to the possibility of utilising some of the land to provide accommodation for the nuclear construction workforce," said Mr Sidi.
"This would provide enhanced facilities for the resort and the general public," he added.
Anglesey council has welcomed the proposals for the site. The smelting works closed in September 2009.
The commissioner with responsibility for economic development, Alex Aldridge, said it was "potentially a huge boost to both Holyhead and Anglesey".
First Minister Carwyn Jones said: "I am delighted that the owners of Anglesey Aluminium have announced these ambitious plans to bring both investment and jobs to Holyhead."
He said the plans could "enhance the tourism offer of both Anglesey and north west Wales".
Part of the site is for sale after the smelting works closed
The Welsh Government had "worked closely with all parties involved" to develop "these exciting proposals", he said.
Holyhead councillor John Chorlton said: "Anything to do with jobs has got to be good news for this area because we've lost a lot of jobs in recent times," he said.
But he added that he was waiting to hear more detail about the plans.
The former smelting works at the Anglesey Aluminium Metals (AAM) site is for sale, with offers invited in the region of ?10m.
There has been interest, although the company will not give any details of a "short-list of three" companies involved due to "confidentiality".
Other options
Meanwhile, its been revealed that a partnership of five local councils is in talks with Anglesey Aluminium Ltd about securing an option to purchase land on another part of the site for waste treatment.
The North Wales Residual Waste Treatment Project (NWRWTP) involves Anglesey, Conwy, Denbighshire, Flintshire and Gwynedd councils.
It aims to find a more sustainable solution for treating the waste that is left over after people have recycled and composted as much as they can.
The partnership anticipates that any new facility would not be fully operational until 2016 at the earliest.
Rio Tinto Group and Kaiser Aluminium - which own Anglesey Aluminium - closed the smelting part of the works with the loss of 400 jobs after a discount energy deal failed.
AAM previously said the re-melting plant on the land at Penrhos, Holyhead, will remain open and still be run by Anglesey Aluminium Metals Ltd (AAM).
There are also plans by Anglesey Aluminium Metal Renewables Limited (AAMR) for a proposed renewable energy plant.
The re-melt business currently employs 60 people, with another 25 employed to provide 'support services'.
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