Mick the Miner in talks to secure further funding for acquisitions

Suzie Neuwirth
MICK Davis, the former boss of mining giant Xstrata, is in the process of raising more money through his new venture X2 Resources, mere weeks after raising $3.75bn (£2.25bn) from five institutional investors.

X2 is understood to have been approached by a number of new investors, including pension funds and private equity houses, although it is unclear how much more money will be raised. No time frame has been disclosed but it is thought that the firm is looking to move swiftly.

X2 is believed to be planning to leverage the funding already secured to beef up its firepower to $10bn, needed for acquisitions. It wants to invest in mines that are already operational and therefore less risky. X2 declined to comment.

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