Had the worst-case scenario of South32 choosing to close it's Bell Bay manganese smelter become reality, the economic impacts would have been far reaching.
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While history suggests that new enterprises can rise in the wake of a large employer waving bon voyage, it is extremely rare that companies like TEMCO, which employs about 250 staff, are ever replaced.
And their workers are often left in the dark and struggle to find a job again. All levels of government are often brought in to help retrain workers and support their families while seek new employment.
But preparing for the worst and hoping for the best provides a chance to reflect on what we have.
TEMCO is in Northern Tasmania's DNA and we should be buoyed by the fact that in challenging economic conditions GFG Alliance, owned by British billionaire Sanjeev Gupta, is prepared to invest in the state.
Indications that Bell Bay site will complement a network of GFG Alliance companies such as its iron ore production in Whyalla is reassuring that Gupta is looking for a solid long-term investment - laying to rest years on uncertainly for the region.
It is said confidence feeds off confidence, so let's hope this development will give other investors the evidence they need to pull the trigger on new manufacturing enterprises at Bell Bay under a dark cloud of high national unemployment.
A couple of key areas that Northern Tasmania can position itself as a major player in is the hydrogen energy space and the flow-on effects from a shift to circular economy.
There are lots going on in background and the region will only benefit from diversifying and finding niche industries and manufacturing sectors that have succeed in other countries and are unique to Australia.
For projects like hydrogen to be worthwhile government incentives must be introduced to ensure there will be demand for the product.
We can't afford to be heavily reliant on just a few sectors as this pandemic has demonstrated.