The Financial Times reported this morning that Mick Davis, the former head of Xstrata, is in “serious” talks with Rio Tinto about a multibillion-dollar offer to buy some of the global miner’s Australian coal assets.
X2 has so far expressed interest in a number of assets in copper, coal and other commodities, but This could be Davis first significant acquisition since he launched his investment fund, X2 Resources, for which he has raised $5.6 billion.
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FT quotes people familiar with the matter who said that discussions could extend to include Rio’s metallurgical coal assets in Queensland, which yield a different grade of coal that is used in steelmaking.
Mick Davis is one of the highest-profile mining executives, having run Xstrata until it was bought by Ivan Glasenberg’s Glencore in 2013.
He previously served as chief financial officer of Billiton, the mining company that in 2001 merged with BHP to form the world’s largest natural resources group by market capitalisation.
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