HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: Tory treasurer Mick Davis closes mining venture without having made a single deal
Tory treasurer Mick Davis closes mining venture without having made a single deal
By City & Finance Reporter for the Daily Mail
Published: 21:51 GMT, 27 December 2017 | Updated: 21:51 GMT, 27 December 2017
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Mick Davis has closed his mining venture X2 Resources
Tory treasurer 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.
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 £1.8billion in 2015, but investors refused to back it.
Davis, 59, launched X2 in 2013 to buy mining giants’ assets during an industry downturn.
It raised about £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 £10million to £17.3million in the year ending March 31, with profit rising from £1.2million to £12million.
Its main activity is advising mining and metals businesses.
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