Dont know any history of it. But its been there quite a while by the looks of it. On the way up to the top there are a few buckets for the digger at the side of the lane. It must of broken down or something so was just left, would of been a task getting it up there! never mind down again.
If you cant see it, you need to make sure you have Geographic Web switched on (including Panoramio) on the layers options.
that will then show pictures.