Mick Davis raises $3.75bn for X2
Mick Davis, the mining tycoon who left Xstrata after its merger with Glencore, has raised $3.75 billion (£2.25 billion) to invest in buying up unwanted mines from his former rivals.
Davis joins a flurry of other mining executives who have privately raised billions of dollars to exploit the folly of the giant companies who invested too much in too many mines before the global financial crisis killed off demand for minerals.
However, Davis’s fund is massive in comparison to those of his rivals.
Investors in his new project, which is called X2, include Asian raw materials trader Noble Group, private equity company TPG and three other sovereign wealth funds and pension funds. Davis has secured $2.5 billion of committed equity funding plus pledges of a further conditional $1.25 billion from the five.
Davis wants to recreate his old Xstrata empire, which he built up similarly from a small base of $500 million to be worth tens of billions of dollars.
Miner Lonmin today announced that non-executive director Brian Beamish will take over on an interim basis from the company’s chairman, Roger Phillimore, who will retire at the end of next month.
- 1 Bill Clinton portrait features Monica Lewinsky reference, artist admits
- 2 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 3 Pornhub turns masturbation into energy in bid to save the planet
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 Average penis size revealed: Scientists attempt to find what is 'normal' to reassure concerned men
Bill Clinton portrait features Monica Lewinsky reference, artist admits
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Kanye West gives guest lecture at Oxford University: 'If I, Kanye West, can remove my ego, I think there's hope for everyone'
'This is what Islam tells us to do': A rare glimpse inside a Saudi Arabian prison – where Isis terrorists are showered with perks and privileges
New theory could prove how life began and disprove God
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
This is what it's like to be dead, according to a guy who died for a bit
Ukip would cut billions from Scottish budget to fund English tax cuts
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...