As a Maltese citizen, I say restore the fountain but leave it where it is.
The fountain is rightly located as a landmark and work of art. The fountain is part of the central axis that extends from the glacis outside St James Bastion, its spur and garden in Floriana, through the Mall and Independence monument, Christ the King monument and embellishment, the Triton Fountain, City Gate and Bridge, Republic Street and down to the Spur at St Elmo; the concept on which our Renaissance-Baroque capital was built.
Many European capital cities were built on this plan, especially Paris, and so was Washington DC.
But here in Malta, we know better. Any further comments are superfluous!