Former Xstrata chief Mick Davis’s mining company X2 Resources has successfully completed its initial capital raising process and raised $5.6bn in equity capital to use them for mining deals.

The company secured the capital from a small number of investors to finance the creation of a new mid-tier diversified mining and metals group.

According to the company, the capital is one of the largest raised by a private vehicle and was extended in a bid to accommodate further demand.

The investors of X2 Resources include major sovereign wealth and pension funds.

"The capital consists of a total of $4bn in committed equity capital."

The capital consists of a total of $4bn in committed equity capital, which is available for immediate draw down, and $1.6bn in conditional equity capital.

X2 Resources founder Mick Davis said: "We would like to thank our investors for their support and vote of confidence and look forward to rewarding them through superior returns.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"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."

According to people familiar with the matter, X2 has closed itself to new investors after having raised cash from sovereign-wealth funds, pension funds as well as private-equity firms such as TPG Capital.

The company’s potential targets included assets held by mining giants such as Rio Tinto, BHP Billiton and Anglo American, and has held talks with all three companies.