Davis to raise funds, invest in resources

May 17, 2013 | 05:52 PM | Claire Hack

Tags  Mick David, Xstrata Glencore, Ivan Glasenberg, investment fund, mining assets, acquisitions, Las Bambas, Goldman Sachs International Ferro Metals

LONDON — Former Xstrata Plc chief executive officer Mick Davis has hired Goldman Sachs Group Inc. as part of a plan to raise a major mining fund—potentially worth billions of dollars—and could make a play for the Las Bambas copper project in Peru, AMM sister publication Metal Bulletin understands.

"First up is likely to be Las Bambas, being sold by Glencore as part of the Chinese (authorities’) condition (for approving the merger between Glencore and Xstrata)," an analyst said.

Davis viewed the 400,000 tonne-per-year Las Bambas project, which was due to be commissioned at the end of 2014 after an estimated $5.2 billion investment, as a flagship project for his former company.

"Second choice (could be) International Ferro Metals (Ltd.) for its ferrochrome—that’s where Xstrata started in the ferrochrome business," the analyst added.....





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