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Mick Davis is considering buying a Toronto-listed mining company as the former Xstrata Plc chief executive officer eyes fresh targets for his $5.6 billion war chest, according to two people familiar with his plans.

A deal in Canada could be a prelude to the bigger acquisition he’s been seeking for some time, the people said, who asked not to be identified because the deliberations are private. Davis’s X2 Resources is weighing an eventual bid for South32 Ltd., the miner being spun off next month by BHP Billiton Ltd. that’s been the subject of takeover speculation, they said.

Read more at: http://www.bloomberg.com/news/articles/2015-04-10/ex-xstrata-ceo-davis-said-to-close-in-on-canada-based-miners