X2 Resources, the US$6bn mining investment fund launched 3½ years ago by former Xstrata CEO Mick Davis, will seek acquisitions under a different structure after failing to make a single acquisition. Two of X2’s funders, commodities traders Noble Group and private equity firm TPG, which together contributed $1bn to the fund, withdrew their commitments earlier this year. Sources close to X2 who declined to be named said executives were talking to the fund’s remaining backers about a more appropriate structure to facilitate decision making. Some of the difficulties it had experienced in making acquisitions arose because individual backers had different time frames and because attitudes towards commodities had changed. Commodities such as coal have fallen out of favour for environmental reasons.

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