Tasmania's water and sewerage utility will work towards decommissioning the Waratah Dam - a development sure to disappoint the local community.
It comes after an audit deemed the dam unsafe in 2017 and concluded that it would cost up to $3 million to upgrade it.
TasWater has been on the hunt for potential buyers, and has undertaken two expressions of interest processes.
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But the search has yielded no results, prompting the company to begin moving to decommission the dam.
TasWater acting general manager corporate and community relations Ruth Dowty said TasWater, Waratah-Wynyard Council and the state government had all shared a hope of finding a new owner.
"We all worked closely together throughout this process as we know the dam is highly valued by the community," she said. "We've done everything we can to find a new owner."
"To keep the dam it would be mandatory to undertake a multi-million dollar investment to bring it up to current standards and we are responsible for spending our customers' money wisely, especially in the current environment."
It's been some time since the dam has been used as a water supply and TasWater says it's no longer "operationally required".
According to TasWater, the Waratah Waterfall won't be affected once the dam is decommissioned.
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