The Australian federal and Tasmanian governments have found a preferred bidder for the Liberty Bell Bay manganese smelter and a fresh AU$5 million funding injection for employees at the smelter while a sale is finalised.
EY, the administrators of the shuttered smelter, revealed that a consortium led by Adroit Capital has been selected as the preferred bidder.
The group will now enter into exclusive negotiations after beating out two other offers for the facility.
The new AU$5 million funding package will support the retention of all employees through to early August.
The loan brings total government financial support for the site to AU$9.6 million, following earlier packages of AU$3 million in April and AU$1.6 million in May.
As the nation’s sole domestic producer of manganese alloy, a crucial material for steelmaking used in construction and defence, maintaining the facility’s specialist industrial capability is seen as vital to Australia’s sovereign interests.
Federal Minister for Industry and Innovation Tim Ayres said the announcement of a preferred bidder made a sale a credible outcome and provided long-awaited reassurance to a workforce left in limbo by previous owners, GFG.
“This announcement today should offer reassurance to the workers who have been in limbo since the facility was let down by its previous owners, GFG,” Ayres said.
“The Albanese government has always said that the workers at Liberty Bell Bay are central to the facility’s value. It is encouraging to see this recognised, alongside the potential of a well-run operation.”
Tasmanian Premier Jeremy Rockliff welcomed the agreement, emphasising that protecting local jobs and small businesses remains the top priority.
“The additional joint bridging support will ensure the workers have the support they need over the next eight weeks while EY progresses the sales process,” Rockliff said.
“This additional funding will provide some surety while due diligence continues with Adroit Capital.”
Liberty Bell Bay has not been in production since early June 2025 and was placed in voluntary administration in March following mounting financial issues under GFG Alliance.