X2 Resources reported in early March that it has completed its initial capital raising process, securing a total of $5.6 billion in equity capital to pursue its goal of becoming a new midtier mining company. X2 is a private company led by former Xstrata Plc CEO Mick Davis. Davis formed the company in September 2013 shortly after Xstrata was acquired by Glencore.

The $5.6 billion raised by X2 includes $4 billion in committed equity capital, which is available for immediate draw down, and $1.6 billion in conditional equity capital.

In a statement accompanying the X2 announcement, Davis said, “We would like to thank our investors for their support and vote of confidence and look forward to rewarding them through superior returns. The blue-chip nature of our investors and the scale of their commitments to date are clear endorsements of the X2 Resources team’s strategy and our track record of creating value.

“We continue to carefully review a number of opportunities in the sector in detail. Whilst value-creating opportunities are increasingly evident, the long-term nature of our strategy provides us with the flexibility to target those opportunities where we see the greatest potential for value creation.”