Noble, TPG back ex-Xstrata boss's new mining venture - Reuters

Trading house Noble and private equity group TPG have each invested $500 million in a private mining venture led by Mick Davis, the former head of Xstrata, hoping to cash in on low valuations and a dearth of buyers for mining assets, writes Reuters. Davis set up his new venture, named in a statement on Monday as X2 Resources, earlier this year, after he was ousted from Xstrata following the miner's acquisition by trading giant Glencore, its largest shareholder.

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