GFG Alliance's Liberty Bell Bay enters administration as EY moves to stabilise Australia’s sole manganese smelter

Liberty Bell Bay Pty Ltd, the owner of Australia’s only manganese alloy smelter and a member of the embattled GFG Alliance group, has entered voluntary administration, with EY partners Morgan Kelly, Robyn Duggan and Samuel Freeman appointed on 23 March 2026 to pursue a restructuring or sale of the Tasmanian operation.

The appointment follows a prolonged period of financial distress within the GFG Alliance group, which acquired the Bell Bay smelter in 2020 but has struggled to stabilise its Australian portfolio in the wake of the collapse of its key financier, Greensill Capital. Liberty Bell Bay had been operating at reduced capacity since May 2025 after disruptions to ore supply, rising input costs and deteriorating global market conditions undermined its viability.

The administration was triggered by secured lender White Oak Commercial Finance, following months of engagement with advisers and increasing concern over the company’s liquidity and governance. The move comes against the backdrop of regulatory action by ASIC, which earlier in March applied to wind up the company over its failure to lodge financial statements for five years, proceedings that will continue in parallel with the administration.

Administrators have indicated their immediate priority is to stabilise operations and secure interim funding to maintain the business as a going concern while a sale or recapitalisation process is undertaken. The existing management team will remain in place, with EY engaging closely with state and federal governments, unions and key stakeholders to preserve employment and continuity of operations.

Liberty Bell Bay employs approximately 200 workers and occupies a critical position within Tasmania’s industrial base, supplying manganese alloys used in steelmaking. Its strategic importance has drawn sustained government involvement, including a $20 million loan from the Tasmanian government in 2025 aimed at restarting production. A portion of that funding was used to procure a 23,000-tonne shipment of ore, though operations failed to resume, prompting the state to appoint receivers over the stockpile earlier this year.

The company’s deterioration reflects broader instability across GFG Alliance’s Australian operations, including the administration of the Whyalla steelworks and the liquidation of the Tahmoor coal mine. Liberty Bell Bay had remained one of the group’s last operating assets in the country, but its inability to secure reliable feedstock and working capital ultimately proved decisive.

Administrators are expected to test market interest in the asset in the coming weeks, with a focus on attracting a buyer capable of recommencing smelting operations and sustaining the site’s long-term viability.