Australia\u2019s only manganese smelter will continue to operate after the corporate watchdog dropped its case.<\/p>\n
Liberty Bell Bay was taken to court by the Australian Securities and Investments Commission for failing to file its financial accounts for five years.<\/p>\n
The smelter\u2019s administrator, EY (Ernst & Young), which was appointed in March<\/a>, reached an agreement with ASIC for the corporate watchdog to discontinue its case.<\/p>\n \u201cOn 30 April 2026, ASIC discontinued its proceedings to wind up Liberty Bell Bay Pty Ltd,\u201d ASIC said in a statement.<\/p>\n \u201cAdministrators have since been appointed to the company.<\/p>\n \u201cConsequently, its obligations to comply with its financial reporting requirements have been deferred as the administration takes its course.\u201d<\/p>\n This move could secure a future for Liberty Bell Bay\u2019s 216 employees as the administrators attempt to find a new owner.<\/p>\n EY earlier this month revealed there was not enough money to continue paying all employees\u2019 salaries.<\/p>\n The administrator said it would need to make 175 workers redundant, however, the smelter received a lifeline from the federal and Tasmanian governments.<\/p>\n Tasmanian Premier Jeremy Rockliff and Federal Industry Minister Tim Ayres announced a $3m loan for Liberty Bell Bay.<\/p>\n Prime Minister Anthony Albanese said the loan was critical for the community in Tasmania.<\/p>\n “We’re backing the workers, their families and the community through this sale process because this facility and these jobs matter,” Mr Albanese said in a statement.<\/p>\n The loan follows the smelter being handed a $20 million loan from the Tasmanian government in August and after being in limited operations since May last year.<\/p>\n Liberty Bell Bay was owned by British billionaire Sanjeev Gupta\u2019s company GFG Alliance before it fell into administration.<\/p>\n The voluntary administration comes as a blow to GFG Alliance, which ran the Whyalla Steelworks before it was\u00a0forced into administration by the South Australian government last year<\/a>.<\/p>\n