March 31, 2014 / 8:06 AM / 4 years ago

X2 secures $3.75 bln to create new mining firm

LONDON, March 31 (Reuters) - 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 conditional funding.

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 further funds.

“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)

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