Mick Davis, the former CEO of Xstrata, is seeking to return to the coal business with the acquisition of BHP Billiton’s thermal coal business, according to the Sunday Times.
Davis left Xstrata following its acquisition by Glencore last year and has since secured US$ 3.7 billion from investors for a new venture: X2. He has also been in talks with JPMorgan for an additional US$ 8 billion loan to finance the purchase of BHP Billiton’s thermal coal assets, said the Sunday Times.
“The timing for this venture remains very opportune and we will now focus increased attention on starting the investment process,” said Davis in a statement at the end of March.
A number of major mining companies have said that they are seeking to sell non-core or underperforming assets in an effort to boost productivity and profitability.
Edited from various sources by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/coal/28042014/former_xstrata_ceo_eyes_bhp_thermal_coal_assets_coal_763/