Ex-Xstrata CEO Davis Raises About $3.75 Billion to Buy Mines

Posted on March 31, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Mick Davis, the former chief executive officer of Xstrata Plc, raised as much as $3.75 billion from investors to buy assets and turn his X2 Resources into a mid-tier mining company.

The five-member financing group comprises Asia’s largest raw-materials trader Noble Group (NOBL), private-equity fund TPG Capital and sovereign-wealth and pension-fund investors, X2 said, without naming the funds. It got $2.5 billion of committed and as much as $1.25 billion of conditional equity funding.