Glencore has joined a bid to take control of sanctions-hit Sherritt International, a Canadian miner that operates North America's only significant cobalt refinery. The consortium, which includes London-based investment manager Kyma Capital, Brevan Howard co-founder Trifon Natsis, and an unnamed US family office, has proposed injecting fresh equity through a US-domiciled vehicle holding at least 55 per cent of Sherritt. The rival bid is backed by Gillon Capital, the family office of Republican fundraiser Ray Washburne.

Sherritt's Fort Saskatchewan refinery shut down in June after its feed was exhausted. The crisis began in May when Trump expanded US sanctions against Cuba to include the Moa joint venture. Sherritt suspended its Cuban operations, repatriated staff, and lost access to cash held in the Moa venture.

The consortium said it would preserve Fort Saskatchewan and establish a sanctions-compliant route to supply North American critical minerals markets.