A consortium led by Glencore Plc has unveiled a rescue proposal for troubled Canadian miner Sherritt International Corp., positioning itself as an alternative to an earlier plan backed by an ally of U.S. President Donald Trump. The new bid, disclosed Monday, would inject fresh capital into Sherritt and grant the consortium at least 55% ownership on a fully diluted basis, according to the statement. This move could reshape the ownership structure of the nickel producer, which operates an open‑pit mine in Moa, Cuba, and has been navigating financial pressures amid volatile commodity markets.

The competing offers highlight the strategic interest in Sherritt’s assets, with Glencore seeking to expand its foothold in the global nickel supply chain while other investors pursue different financing strategies for the Canadian miner.