ONE of the backers of Mick Davis’s new mining vehicle, X2 Resources, has run into financial difficulties, raising questions about how intact the funding commitments were for the company hunting investment opportunities in commodities.Noble Group, a Singapore-based commodity company, was one of a group of investors that opted to back Mr Davis and his core team that created Xstrata, a successful diversified mining house taken over by commodity trader Glencore in 2013.X2 said in September 2013 that Noble and an investment firm called TPG had each agreed to invest $500m in X2 to fund its search for "opportunities in the mining and metals sector".By March last year, X2 had secured $5.6bn in funding commitments, but did not say which companies were backing it.Asked on Thursday if Noble was still a funder of X2, a spokesman declined any comment. X2 has maintained a low profile since launching and while its name has come up when big mining companies have mentioned asset sales or unbundling ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.