LONDON, March 31 X2, the investment vehicle run
by Mick Davies, the head of mining firm Xstrata before its
takeover by Glencore, has raised $3.75 billion which
will be used to create a medium-sized diversified mining
company, it said on Monday.
The money, which comes from five investors, consists of $2.5
billion in committed equity capital funding and $1.25 billion of
X2 is one of a number of funds created by former mining
bosses, which are being closely watched by the market but have
yet to close any significant deals.
X2 said it was in discussions with other investors to raise
"We believe the timing for this venture remains very
opportune and we will now focus increased attention on starting
the investment process," Davies said in a statement.
(Reporting by Stephen Eisenhammer)