Overview
- Administrators told workers on Friday that Adroit Capital failed to deliver its portion of funding and has effectively pulled out of the preferred-bidder consortium.
- EY Parthenon said problems with critical financing, supplier commitments and government arrangements emerged during the exclusivity period and put the proposed transaction beyond reach.
- The company is consulting staff about their future employment as urgent talks continue to find new investors or backers to keep the smelter operating.
- Federal and Tasmanian governments previously provided $5 million for the consortium and total public assistance since administration now stands at about $15 million.
- Liberty Bell Bay employs roughly 200–216 people, is the nation’s only manganese alloy smelter, and its closure would hit the local Bell Bay economy and the domestic supply of ferroalloys used in steelmaking.