Johannesburg - Mick Davis, Xstrata’s former chief executive officer, got an additional $1-billion from investors for his X2 Resources mining startup, bringing the total he has raised for the business to $4.8-billion.
X2 now has $3.3-billion of committed equity capital and a further $1.5-billion conditional, it said on Wednesday in a statement.
“With almost $5-billion 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,” Davis said in the statement.
He raised $3.75-billion in March from five investors including Asia’s largest raw-materials trader Noble Group, private-equity fund TPG Capital and sovereign-wealth and pension-fund investors. X2 didn’t name the new investors.
South Africa-born Davis, 56, is looking to repeat his success at Xstrata, where he led the management team that took the coal producer from a company with a $500-million market capitalisation to one valued at $50-billion through a decade of mergers, acquisitions and expansion.
Bloomberg