Canadian Mining Journal

News

Mick Davis’ X2 Resources poised for launch after US$5.6B raise

VANCOUVER – A dearth in the availability of traditional equity financing has led to the rise of specialist, mining related investment funds, and there looks to be another major player taking the field. In early March newly minted private...


VANCOUVER – A dearth in the availability of traditional equity financing has led to the rise of specialist, mining related investment funds, and there looks to be another major player taking the field. In early March newly minted private mining venture X2 Resources announced an initial capital raise worth around US$5.6 billion, which it hopes will finance the creation of a new mid-tier diversified mining and metals group.

X2 is essentially the comeback vehicle for South African mining magnate Michael Davis, who served as chief executive of Xstrata for over a decade before the Anglo-Swiss multinational was taken out by Glencore (LON: GLEN) in early 2012 for US$41 billion, which stands as the largest mining deal in history.

Davis and former Xstrata CFO Trevor Reid announced the new venture in late 2013, when it was operating under the X2 Partners banner. The company quickly established an alliance with tycoon Richard Elman’s trading colossus Noble Group, and scored significant investment commitments from leading U.S. private equity outfit TPG Capital.

Read the complete article at NorthernMiner.com/news/mick-davis-x2-resources


Print this page

Related Posts



1 Comment » for Mick Davis’ X2 Resources poised for launch after US$5.6B raise
  1. Peter says:

    Xstrata Canada was a excellent company . Now that Glencore or Glenstrata what ever they call them self ,its not even close to be the same !!!!!!!
    Xstrata was a peoples company .Mick Davis is a very smart business man …

Have your say:

Your email address will not be published. Required fields are marked *

*