Episode Details

Australia’s last manganese smelter, Liberty Bell Bay, has shut down — a shocking collapse that was brewing months before the Tasmanian government rushed in with a $20 million lifeline. Administrators revealed GFG Alliance was insolvent as early as May last year, with revenue plummeting from $172 million to just $11 million in one year and losses dating back to 2022. The company now owes creditors $70–$300 million, including $27 million in unpaid employee entitlements. Insolvent trading claims could hit $25 million, and cash drained to related parties left it defenseless against market swings. A creditors’ meeting next month will decide if the company is officially liquidated — and who’ll clean up this massive mess.

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