14 September 2026
US individuals and several linked companies are vying to control the assets of foreign investors in two of Cuba’s most valuable joint mining ventures.
The separate bids relate to Canada’s Sherritt International and Australia’s Antilles Gold, both of which announced earlier this year they were withdrawing from Cuba following the imposition of sanctions on them and their Cuban partners by the US government.
For its part the Sherritt International Corporation, the miner and refiner of Cuban nickel and cobalt at Moa with La Compania General de Niquel SA (GNA), has confirmed that it has now received a second, unsolicited, non-binding proposal from a group of corporations to take over its operations. The companies involved are Kyma Capital, Trifon Natsis, Glencore Ltd, and an unnamed US anchor investor, known jointly as ‘The Consortium’.
The announcement means that there are now two rival US-related bids to control the company and its assets. The other, involving a preliminary, non-binding agreement to acquire 55% of Sherritt is with Gillon Capital LLC. Gillon is the US family office of Ray Washburne a former Trump administration appointee (Background Cuba Briefings 6 July 2026 and 25 May 2026). Both Gillon Capital and ‘The Consortium’ have said the US State Department has not objected to their negotiations with Sherritt.
The two bids follow Sherritt’s decision to withdraw from its joint ventures with its Cuban government- linked partners and close its Saskatchewan refinery, but to retain its shares in its mines on the island following the imposition of US sanctions. Moa Nickel SA is a 50/50 partnership between Cuban state-owned GNA and Sherritt International.
Far reaching implications
The bids have potentially far-reaching implications if found to be acceptable by the Trump Administration, Cuba’s government, and Sherritt’s shareholders, as it could result eventually in US interests having significant influence over half of the island’s largest mining operation, enabling US access to a geographically proximate source of nickel and cobalt. Any such development would also enable US control of a major Canadian refining asset, one of the few cobalt refineries in North America. Both bidding groups potentially offer the US strategic advantage.
New bid from ‘The Consortium’
The new bid comes jointly from an unnamed US anchor, referred to in a ‘Consortium’ statement as “a US-based investor with deep global financial markets experience.” The other partners in the consortium are Trifon Natsis, which would provide anchor capital and extensive global financial markets experience; Kyma Capital, Sherritt’s largest economic stakeholder offering according to the consortium, a “stakeholder-consent bridge and implementation certainty no disclosed competing proposal can match”; and Glencore, the leading global diversified natural resources company, offering commercial expertise and technical support specific to nickel and cobalt production.
The Consortium statement indicated that it is able to offer new equity at a market-reflective price with no discount to Sherritt’s unaffected share price; partial participation rights for eligible existing shareholders; a fully-funded transaction with no third-party debt financing condition-equity commitments from Consortium members; the ability to unlock additional financing from existing noteholders in combination with the equity commitments from the Consortium; and clear control and ownership structure through a US-domiciled acquisition vehicle which, in the aggregate will hold at least 55% of the Company on a fully diluted basis at completion.
It added that US regulatory engagement is already underway and that The Consortium has received written confirmation from the US State Department that it and the Department of the Treasury do not object to The Consortium engaging in negotiations with Sherritt. The consortium also noted that following completion, it intends to work with the Company “to stabilise its capital structure and liquidity; preserve and enhance the Fort Saskatchewan refinery and Sherritt’s North American nickel and cobalt processing capability; establish a compliant pathway for the business to serve critical-minerals supply chains; and establish a dedicated sanctions, national security and compliance committee of the Board.”
Sherritt, however, cautioned stakeholders in a press announcement that the new proposal is not currently executable, noting that it will address all proposals in accordance with its fiduciary duties. The Consortium cautioned separately that its proposal is non-binding, subject to the negotiation and the execution of definitive documentation and receipt of all required approvals. Kyma Capital Ltd, as Sherritt’s largest creditor, ha said that it is seeking in court a shareholder vote before the exclusivity period with Gillon ends.
Although the US anchor investor has reportedly sought to remain anonymous, Bloomberg named him in late August as the Texas billionaire Albert Huddleston. Citing sources familiar with the bidding it indicated that his family office, Chota Capital LLC, is the unidentified investor.
Antilles Gold signs agreement with US investors
Meanwhile, it has been reported that the Australian miner, Antilles Gold, which operates joint ventures with the sanctioned Cuban state-owned GeoMinera SA has signed a binding agreement with Luxembourg-based GEM Global Yield LLC.
The agreement, signed on 25 August, sees GEM become a 25% shareholder in Antilles Gold’s Cayman Islands subsidiary, Antilles Gold Inc, which holds 50% of Cuban joint venture mining company Minera La Victoria. GEM is 100% owned by US citizen, and has New York‑based directors, according to Mining.com.au which reported that the arrangement is intended to help lift US sanctions on the joint venture.
The online publication said that GEM will assist in making representations and commitments to the US State Department to lift sanctions to enable the construction of the joint venture’s Nueva Sabana gold‑copper mine in Ciego de Ávila to resume. Antilles Gold says that it intends establishing a new US subsidiary as a first step towards transferring at least 51% of its shares to US entities by 30 June 2028 and will appoint a US citizen as independent chairman. GEM has 60 days to conduct due diligence with the US Administration. GEM Global Yield is an international investment vehicle of Global Emerging Markets (GEM), an international private equity group valued at US$3.4bn.
The Cuban government has not commented publicly on either development.
Cuba Briefing – Issue 1323
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