X2 Resources, a recently established private mining venture, has successfully completed its initial capital raising process, securing a total of US$5.6 billion in equity capital from a small number of world-class investors to finance the creation of a new mid-tier diversified mining and metals group.
X2 Resources’ investors include major sovereign wealth and pension funds. The capital raising, which was extended to accommodate further demand, is one of the largest ever first-time raises by a private vehicle. The US$5.6 billion comprises a total of US$4 billion in committed equity capital, which is available for immediate draw down, and US$1.6 billion in conditional equity capital.
Former CEO of Xstrata and principal of X2 Mick Davis says: “We would like to thank our investors for their support and vote of confidence and look forward to rewarding them through superior returns. The blue-chip nature of our investors and the scale of their commitments to date are clear endorsements of the X2 Resources team’s strategy and our track record of creating value.”
“We continue to carefully review a number of opportunities in the sector in detail. Whilst value creating opportunities are increasingly evident, the long-term nature of our strategy provides us with the flexibility to target those opportunities where we see the greatest potential for value creation.”