It is indeed guys! Well done! I thought I might have had to add a couple more clues, but you got it in one!
At 263 feet tall (80.16m), the Clifton Hill Shot Tower vies with Taroona Shot Tower as the tallest in the world. (Edit: Not sure how they argued this when the Taroona Shot Tower is only 58m tall??? I think they might mean the tallest STONE shot tower, rather than brick...).
Built in 1882, it is also the oldest of two remaining towers in Melbourne. The other is Coops Shot Tower, which now houses a museum dedicated to the history of Melbourne and shot production that is preserved under the glass cone at Melbourne Central Shopping Centre, which is 50m tall, built in 1889.
In the 19th century, shot towers were the most efficient mode of producing ammunition. Though ingenious, the technique was surprisingly simple, workers would ascend the precarious spiralling staircase to a small pavilion at the top of the tower.
From there, they would drop a ball of molten lead through a copper sieve into a basin of water at the bottom of the tower. The fall would cool and shape the lead into shot pellets. This method was used until the early 1960s, when a manufacturing style that required significantly less tower supplanted it.
You might call these guys the bane of modern day prospectors and detectorists!
Over to you Diggit.