Australia’s corporate watchdog has applied to wind up the company behind the nation’s only manganese alloy smelter, after years of alleged failure to lodge basic financial reports.
The Australian Securities and Investments Commission (ASIC) filed the application in the Supreme Court of New South Wales, seeking to dissolve Liberty Bell Bay Pty Ltd on “just and equitable grounds”.
ASIC said the Bell Bay smelter in northern Tasmania, part of Sanjeev Gupta’s GFG Alliance, has not lodged annual financial reports for the years ending 2021, 2022, 2023, 2024 or 2025.
ASIC first obtained court orders to enforce compliance in June 2025. Liberty Bell Bay failed to meet those orders, according to the regulator.
The wind-up application has been acknowledged by Business, Industry and Resources Minster Felix Ellis.
“GFG has failed to deliver on its promises to Tasmanians and to its workers to restart operations,” Ellis said.
“Today’s news will be challenging for the workers, their families and the wider community.”
The state government had provided a secured loan to Liberty Bell Bay to help facilitate a restart of the smelter, which suspended operations in mid-2025. That loan has not been repaid.
In January 2026, the state government appointed receivers and managers to protect the manganese ore stockpile it had funded, following ongoing defaults under the loan agreement.
Ellis said the government would continue to work closely with the receivers, workforce and the wider community throughout the process.
Liberty Bell Bay is one of several GFG Alliance operations in Australia now facing serious financial or regulatory action.
The Whyalla Steelworks in South Australia and the Tahmoor coal mine in New South Wales are both in external administration.
The smelter employs roughly 250 workers and has been a cornerstone of the George Town economy since it opened in 1962.
ASIC said financial reporting misconduct, including failure to lodge reports, remains an enforcement priority for 2026.
“It is important that annual reports are lodged in a timely manner to assist creditors and other users of the annual reports in making informed decisions when dealing with large companies,” the regulator said.
