Australia’s corporate watchdog has walked away from its bid to wind up the country’s only manganese smelter, clearing a hurdle in the race to find a buyer for the Tasmanian plant.
The Australian Securities and Investments Commission (ASIC) filed an application in the NSW Supreme Court in March to shut down Liberty Bell Bay, arguing the company had failed to lodge annual financial reports from 2021 to 2024.
The smelter, based in northern Tasmania, was previously owned by British businessman Sanjeev Gupta’s GFG Alliance.
Ernst and Young was appointed voluntary administrator on March 23 and the Supreme Court signed off on the discontinuation of the case on April 29.
An ASIC spokesperson said the regulator had agreed to drop the action because administrators were now running the company.
“Consequently, its obligations to comply with its financial reporting requirements have been deferred as the administration takes its course,” they said.
An Ernst and Young spokesperson confirmed the outcome and said the future of the company now rests with creditors.
Administrators are reviewing several non-binding expressions of interest from potential buyers.
The plant has been idle since May 2025, when manganese ore supply from the Northern Territory was cut off and GFG Alliance collapsed.
Its 216 workers have continued reporting for duty during the care and maintenance period.
The Tasmanian and federal governments last week stepped in with a $3 million loan, split evenly, to cover three weeks of wages while the sale process plays out.
