Hundreds of jobs and the future of Australia's only manganese smelter are again in limbo after its preferred buyer ran into trouble during negotiations.
A consortium of Adroit Capital, White Oak Global Advisors and OM Holdings was announced as the preferred bidder for Tasmania's Liberty Bell Bay in May.
The smelter, formerly owned by controversial businessman Sanjeev Gupta's GFG Alliance, stopped production in May 2025 and was placed into administration in March.
On Friday, workers were told Adroit Capital was no longer engaged in exclusive negotiations with the administrators.
Difficulties had arisen with critical financing, supplier and government arrangements, administrator EY Parthenon said.
The federal and Tasmanian governments contributed $5 million in May to secure pay for the smelter's 216-strong workforce.
