A group of investors is providing a potential lifeline to Sherritt International Corp. after U.S. sanctions against Cuba hampered the Canadian mining company.

A consortium including an unnamed U.S. anchor investor, Kyma Capital Ltd., Trifon Natsis and Glencore Ltd. say they submitted a non-binding recapitalization proposal to Sherritt’s board of directors in late June.

The consortium says the proposal has been before the board since then and it is announcing the move now so that the company’s shareholders, employees and other stakeholders can assess alternatives for themselves.

If the proposed deal is accepted, the consortium says it intends to work with Sherritt to stabilize its capital structure and liquidity, while preserving and enhancing its Fort Saskatchewan, Alta., refinery and North American nickel and cobalt processing capability.

Last month, Sherritt said it needed a significant amount of new capital to fund the restart of its Alberta refinery and Cuban joint venture that were shut down in the face of ramped up U.S. pressure on the Caribbean country.

The Toronto-based company said it was in talks with its senior lenders and noteholders regarding a recapitalization intended to stabilize its balance sheet and restore normal operations when circumstances permit.

It previously announced it was shutting down operations at its Fort Saskatchewan refinery after running out of the feed inventory it receives from its Moa mine in Cuba.

Operations at Sherritt’s Moa joint venture in Cuba were paused earlier this year as the country faced fuel shortages since the U.S. cut off access to oil from Venezuela in January.