Sovereign Wealth Funds Love Mick Davis

Mick Davis, the former Xstrata CEO, has raised US$ 3.75 billion in a venture targeting mid-level mining opportunities favoring copper, coal and zinc assets. Mick Davis transformed Xstrata, a regular-sized coal producer, into a mining empire. Under Davis’ command, in 8 years, Xstrata went from US$ 500 million in market capitalization to a US$ 50 billion market capitalization. Davis left the company after the US$ 29.5 billion Glencore acquisition of Xstrata.

BHP Billiton Ltd. and Rio Tinto Group are among many mining conglomerates contemplating asset disposals in the tens of billions.

In the backdrop of low commodity prices, mining companies have shed assets to lighten up their balance sheets.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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