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

Note* - All images used are for editorial and illustrative purposes only and may not originate from the original news provider or associated company.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back

Related stories

Western Australia Iron Ore Discovery Reshapes Global Market

Western Australia is now the world's biggest iron ore...

Africa Gold Mines: Second Largest Acquires Yatela, Morila

The Yatela and Morila gold mines were formally taken...

Africa Rail Infrastructure Powers Mineral Trade Growth

Africa rail Infrastructure is getting a new lease of...

US Eyes Rubaya Mine in Congo for Coltan Reserves

In a recent move, the Democratic Republic of Congo...

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.

Latest stories

Related stories

Western Australia Iron Ore Discovery Reshapes Global Market

Western Australia is now the world's biggest iron ore...

Africa Gold Mines: Second Largest Acquires Yatela, Morila

The Yatela and Morila gold mines were formally taken...

Africa Rail Infrastructure Powers Mineral Trade Growth

Africa rail Infrastructure is getting a new lease of...

US Eyes Rubaya Mine in Congo for Coltan Reserves

In a recent move, the Democratic Republic of Congo...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from any location or device.

Media Packs

Expand Your Reach With Our Customized Solutions Empowering Your Campaigns To Maximize Your Reach & Drive Real Results!

– Access the Media Pack Now

– Book a Conference Call

– Leave Message for Us to Get Back