$5 million to support Liberty Bell Bay workers as preferred bidder named

Today, the Albanese and Rockliff Governments announce a further $5 million in joint support for employees at Liberty Bell Bay (LBB) while a sale is finalised. 

The administrators, EY, also announced today that a consortium headed by Adroit Capital is the preferred bidder and will enter into exclusive negotiations with EY, following three offers to acquire LBB. 

This funding builds on both Governments’ existing commitments and will support the retention of all employees through to early August, while EY complete the sale process.  

This brings total support from the Albanese and Rockliff Governments to $9.6 million, following earlier contributions of $3 million on 24 April and $1.6 million on 15 May. 

LBB is the sole domestic producer of manganese alloy, a critical input to steelmaking for defence and construction. 

The loan will help maintain the existing workforce and specialist industrial capability while administrators continue discussions with interested parties regarding the future of the facility.   

Both Governments will remain closely engaged during the sale process to deliver the best possible outcome for workers, the Bell Bay community and Australia’s sovereign industrial capability. 

Quotes attributable to Premier of Tasmania, Jeremy Rockliff: 
“Today marks a significant step forward for the workers of Liberty Bell Bay, small businesses in the region and the community.  

“The workers have been our priority throughout this process, and I want to thank Minister Ayres for his collaboration.  

“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.

“This additional funding will provide some surety while due diligence continues with Adroit Capital.”

Quotes attributable to Minister for Industry and Innovation and Minister for Science Tim Ayres: 
“I am pleased to see the announcement today from the administrators, EY, that a sale is now a credible outcome for the Liberty Bell Bay manganese smelter. 

“I thank the Rockliff Government for their close cooperation in securing the additional support announced today to keep all workers employed while EY complete the sale process.  

“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.   

“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.   

“It is important to acknowledge the work EY has undertaken over recent months to progress the sale, as well as the strong advocacy of unions, local members and the broader community.”