I have no idea, but at some point the track and pointwork will in situ will need renewing, is replacing it like for like for the sake of a few charter services cost effective, especially when you factor in the signallers wages?
As
@Krokodil has already mentioned, it's unlikely that control of the line will be passed to Llandudno Junction signal box.
Whilst the line itself doesn't have much rail traffic, the number of user worked crossings on the line is likely to create significant call volumes, especially at times of the year when farmers are at thier busiest. Dealing with these, as well as dealing with the safety of trains, isn't likely to be considered an acceptable workload for the signaller at LLJ.
Removing the passing loop would remove any flexibility the line currently has. Whilst it wouldn't present an issue to the current passenger service, it would prevent any route learning, charter or departmental trains (as well as any potential freight flows in the future) during the day, without decimating the passenger service.