Liberty Primary Metals Australia enters voluntary administration amid ongoing GFG Alliance turmoil

Liberty Primary Metals Australia (LPMA), the holding company for Sanjeev Gupta’s Australian coal operations, has entered voluntary administration, extending the financial distress engulfing the GFG Alliance network. Michael Brereton, Rashnyl Prasad, and Sean Wengel of William Buck were appointed administrators on 3 November 2025, following months of liquidity strain and intercompany funding pressures tied to the Whyalla steelworks and Tahmoor coal mine. The company closed the mine in February, with 500 workers sacked with pay in October. It also appears that a winding-up application brought by Golding Contractors was scheduled to be heard the following day on 4 November.

LPMA’s appointment adds a new layer of complexity to the ongoing restructuring of GFG’s Australian portfolio, which already includes the administration of OneSteel Manufacturing—the operator of the Whyalla steelworks, the prolonged suspension of operations at the Tahmoor coking coal mine in New South Wales and the administration of the subsidiary which previously operated the Whyalla port. Financial filings reveal that funds from Tahmoor, once a profitable asset generating $85.7 million in 2024, were diverted to support the Whyalla operations through intercompany loans and dividends totaling over $400 million, leaving the mine unable to pay critical suppliers and royalties exceeding $29 million.

The administrators said they are conducting an urgent assessment of LPMA’s financial position and working closely with key stakeholders to identify restructuring or sale options aimed at preserving value for creditors and employees. GFG Alliance indicated it remains open to a recapitalisation or divestment of assets as it continues to navigate global refinancing challenges and regulatory scrutiny.

The appointment follows mounting creditor and government claims exceeding $100 million, including unpaid invoices and state royalties, while court proceedings continue in New South Wales over Tahmoor’s debts.