Davis's new outfit likes a bit of a challenge
The former Xstrata boss' new venture seeks to make a profit from troubled miners
Mick Davis, the former boss of Xstrata, has joined forces with a former diamond industry executive and Swiss-based fund manager to set up a new company targeting troubled mining assets. Niron Metals was incorporated in June and lists Davis as one of three directors, along with Varda Shine, who ran trading at De Beers for eight years, and Marcos Camhis, founder of Fos Asset Management, according to filings at UK Companies House. Camhis owns a stake in Falcondo, a previously mothballed nickel mine in the Dominican Republic that Glencore inherited from its takeover of Xstrata and sold in 2015. Unlike his previous mining investment venture X2 Resources, Davis is not looking to raise a multibillion-dollar war chest for Niron and make large acquisitions, according to people familiar with his thinking. Instead, Niron will be used to explore possible investments in smaller assets that have been shunned by other investors either because they are in difficult jurisdictions or face other labou...
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