LONDON: The former boss of mining company Xstrata, Mick Davis, has secured a further $1 billion in funding from unnamed investors, taking the amount he has available to build a new mining powerhouse to up to $4.8 billion.
Davis led Xstrata until its takeover by Glencore last year, and is now aiming to build his new venture X2 Resources into a mid-sized diversified mining and metals company.
X2, which did not detail the source of fresh capital, said in a statement it has now secured $3.3 billion in committed equity capital, and $1.5 billion in conditional capital.
Davis, whose dealmaking at the helm of Xstrata transformed the sector, set up X2 months after leaving the mining giant following its acquisition by Glencore.
X2, which has yet to seal an acquisition but has been linked to a string of assets in copper, coal and other commodities, said on Wednesday it was reviewing "a number of opportunities". (Reuters)
