Noble, TPG back former Xstrata boss's new mining venture

Reuters

LONDON, Sept 30 (Reuters) - Trading house Noble and private equity group TPG have each invested $500 million ina new mining venture led by former executives of miner Xstrata,including former boss Mick Davis.

Davis had long indicated he would not be leaving mining,after building Xstrata from a $500 million collection of zincand ferrochrome assets into the world's fourth-largestdiversified miner, before it was taken over by major shareholderGlencore in a deal earlier completed this year.

In a statement on Monday, the companies said X2 Resourcesplanned to create a "mid-tier diversified miner and metalsgroup", whose output would eventually be marketed by Noble.

View Comments (0)