Former Xstrata Chief Davis Adds $1 Billion to His Mining Startup
Oct. 15 (Bloomberg) — Mick Davis, former Xstrata Plc chief executive officer, got an additional $1 billion from investors for his X2 Resources mining startup, bringing the total he has raised for the business to $4.8 billion.
X2 now has $3.3 billion of committed equity capital and a further $1.5 billion conditional, it said today in a statement.
“With almost $5 billion in equity and access to significant additional debt funding, X2 Resources is uniquely positioned and we are currently reviewing a number of opportunities in the metals and mining sector,” Davis said in the statement.
He raised $3.75 billion in March from five investors including Asia’s largest raw-materials trader Noble Group, private-equity fund TPG Capital and sovereign-wealth and pension-fund investors. X2 didn’t name the new investors.
South African-born Davis, 56, is looking to repeat his success at Xstrata, where he led the management team that took the coal producer from a company with a $500 million market capitalization to one valued at $50 billion through a decade of mergers, acquisitions and expansion.
To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Tony Barrett, Dylan Griffiths