Glencore Consortium Launches Rival Bid for Sherritt International

A consortium including Glencore Plc has submitted a non-binding rescue bid for Sherritt International Corp., a Toronto-based mining company currently facing a liquidity crisis. The proposal offers fresh capital in exchange for at least 55% ownership of the company on a fully diluted basis. This bid emerges as a direct rival to a previously announced private placement with Gillon Capital, a Texas-based family office linked to former Trump adviser Ray Washburne, which would also result in a 55% controlling stake.

Sherritt has struggled following tightened U.S. sanctions on Cuba, where it remains one of the largest foreign investors. An energy crisis in Cuba forced the company to halt production at its nickel and cobalt mine in February, leading Sherritt to warn that its status as a going concern is in doubt due to potential defaults.

The Glencore consortium, which includes Kyma Capital Ltd. and investor Trifon Natsis, claims its proposal is fully funded. The group intends to support Sherritt's ongoing operations, specifically including its refinery in Fort Saskatchewan.