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Former Xstrata CEO Mick Davis to set up new metals exploration fund

Former Xstrata Ltd. CEO Mick Davis is planning to set up a new fund called Niron Metals to explore for metals such as nickel, zinc and copper around the world, The Daily Telegraph reported Jan. 5.

Davis was the CFO of BHP Group Ltd. in 1997 and left the company to establish Xstrata, which merged with Glencore PLC in 2013.

Subsequently, Davis set up mining fund X2 Resources Ltd., which closed in 2017, releasing investors from US$5.6 billion in financial commitments after failing to make any deals in three years.

The founder of private security company Blackwater, Erik Prince, is also launching a fund focused on battery metals, the Financial Times reported earlier in January. The fund looks to raise up to US$500 million, with investments targeted for deposits of metals such as cobalt, copper and lithium largely in Africa and Asia.