X2 Resources secures a further $1bn of funds to expand mining business

A new mining venture started by former Xstrata CEO Mick Davis, X2 Resources, has secured another $1bn from investors.


With the additional monies secured, X2 has amassed up to $4.8bn of funds including $3.3bn of committed equity capital and $1.5bn of conditional equity capital.


Davis said: "With almost $5bn 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.


"We will build on the team's unparalleled track record of acquiring and integrating assets and supporting the management teams of acquired businesses to create value."


The company did not reveal the details of the new investors.


X2 raised $3.75bn in March this year from five investors, including Hong Kong-based commodities trader Noble Group, private equity firm TPG Capital and sovereign-wealth and pension-fund investors, reported Bloomberg.


Davis, who left Xstrata last year after the company was taken over by Glencore, aims to build X2 into a diversified mining and metals company, offering a range of commodities including copper, coal and other minerals.


In addition to Davis, the X2 team also includes former Xstrata finance director Trevor Reid and executives Thras Moraitis, Andrew Latham and Ian Pearce.

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