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Tory treasurer Mick Davis closes mining venture X2 Resources

Mining News - Published on Fri, 29 Dec 2017

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This Is Money reported that Tory treasurer Mr Mick Davis has closed his mining venture X2 Resources without making a single deal. The former Xstrata chief executive, known as Mick the Miner, blamed the failure on his giving six major investors the ability to block any deal. Mr Davis told the Wall Street Journal: ‘That was really stupid of me.’

He was on the verge of buying coal assets from Rio Tinto for about GBP 1.8billion in 2015, but investors refused to back it.

Mr Davis, 59, launched X2 in 2013 to buy mining giants’ assets during an industry downturn.

It raised about GBP 4.5billion from investors, including Noble Group and TPG, but made no deals and is no longer looking for any.

Accounts filed at Companies House this week show turnover at the partnership in charge of the fund rose GBP 10million to GBP 17.3million in the year ending March 31, with profit rising from GBP 1.2million to GBP 12million.

Its main activity is advising mining and metals businesses.

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Posted By : Rabi Wangkhem on Fri, 29 Dec 2017
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