So,....the news came yesterday that the official name of X2 is..... X2 Reosurces Partners LP Inc....and the base is Guernsey..

Good choice of place...very pretty..and what a corporate tax structure!

http://www.guernseyfinance.com/media/593075/new-guernsey-investment-vehicle-to-focus-on-natural-resources.pdf

X2 has chosen Guernsey as the base for its new natural resources venture, X2 Resources Partners LP Inc.

The Guernsey offices of law firm Ogier and Aztec Financial Services both advised X2 on the recent launch of the Guernsey closed-ended investment vehicle.

X2 Resources has been formed by the core executive team that built Xstrata into a US$50 billion mining major from a US$500 million debt-constrained company, led by former CEO Mick Davis and CFO Trevor Reid. Its objective is to build a new, mid-tier diversified mining and metals group.

Guernsey is situated 50 kilometres (31 mi) west of France's Normandy coast and 120 kilometres (75 mi) south of Weymouth, England and lies in the Gulf of St Malo. Lihou, a tidal island, is attached to Guernsey by a causeway at low tide.

Light tax and death duties make Guernsey a popular offshore finance centre for private equity funds.

From 1 January 2008 it has operated a Zero-Ten corporate tax system where most companies pay 0% corporate tax and a limited number of activities are subject to taxation, including banking activity (taxed at 10%), regulated utilities and income from the sale of land or building (taxed at 20%).