GLENCORE has entered the contest to recapitalise Sherritt International, pitting the mining giant against a family office with ties to Donald Trump for control of a Canadian company that owns North America’s only significant cobalt refinery. The Financial Times reported on August 10 that the battle centres on securing non-Chinese refining capacity for strategic metals. Sherritt is at the heart of the context because of its 50% stake in the Moa joint venture, held alongside Cuba’s state-owned General Nickel Company. Glencore itself is expected to seek marketing and offtake rights rather than a large equity stake, said the FT. Washington has told both sides it does not object to negotiations, though that falls short of approving any deal.