Swansea Labour has been the driving force behind securing £3.6m from the Heritage Lottery Fund to develop the Copperworks site in Hafod.
And council leader Rob Stewart says he is delighted to have secured the funding which will see the Copperworks site, on the bank of the River Tawe, brought back into use.
Cllr Stewart said: “This will now bring nearly £10m of investment including a new distillery and visitor centre operated by Penderyn, the Welsh Whisky Company.
“This is great news again for Swansea and specific thanks go to Cllr Robert Francis Davies and Paul Reif, Economic Development and External Funding Manager at Swansea Council, for their excellent work to secure this investment.
“Thanks to the National Lottery, this exciting scheme will create jobs, attract visitors and boost the ongoing regeneration of the River Tawe corridor.”
Cllr Francis-Davies said: “People will ask whether these buildings are worth saving – this is part of Welsh industrial history.
“This is where the ICI company started on a worldwide basis Swansea was the metalurgical centre of the world, where 80 per cent of the world’s copper came out of Swansea
“It is important that we keep our heritage for peope to understand that the future know the importance of Swansea in the wider world.”
Richard Bellamy, from the Heritage Lottery Fund, sad: “It’s a very important building in the industrial history of Wales. It’s very important it’s saved, but it’s not just about saving it, it is about giving it a sustainable use as well.
“I came here in 2015 when the council were first thinking of the idea (for the site), and it has been quite a journey.
“The council has been very committed and I think having the partner – Penderyn – is what convinced us.
“These buildings are a symbol of Welsh industrial history. We need to save them, but without sustainable, long-term use that’s going to be very difficult.”