Steve Yarrow, a director of owners Ropley Investments, said the site had been leased as a tyre collection business but that lease had since ended.

However, there were still about 50,000 or more tyres on the site with about 10 per cent "with a value".

Mr Yarrow said the company was looking at investing in a machine that would strip the tyres of their valuable components for sale as scrap metal and tread.

"It could turn out to be a phoenix and rise from the ashes," he said.

"There could even be employment opportunities."

Mr Yarrow said the site was well on its way to being cleaned up - after complaints from neighbours and Hepburn Shire Council.

The Advocate reported earlier this month that the foundry site, once a historical Trentham landmark, had been left a public eyesore and potential fire hazard.

Its yard, founded by brothers Ben and Bill Trewhella in 1887 to produce the Trewhella jack and stump grubber, was strewn with tyres, petrol drums, metal pipes and plastic.

Trentham Country Fire Authority captain Brian Smith said then he was concerned there was no one on the site and a fire would cause "a toxic plume".

Last week Mr Yarrow said someone would now be on the site with painting and fencing being carried out as quickly as possible.

"We are painting, cleaning up and cutting the grass," he said.

"We know the neighbours haven't been happy but we are doing everything we can."