Ogier Legal in Guernsey has advised X2 on the launch of its natural resources venture X2 Resources Partners LP, a $2.5bn (£1.5bn) Guernsey closed-ended investment vehicle.
X2 Resources has been formed by the core executive team that built Xstrata into a $50bn mining major from a $500m debt-constrained company, led by former chief executive officer Mick Davis and chief financial officer Trevor Reid. Its objective is to build a new mid-tier diversified mining and metals group.
X2 Resources has raised $2.5bn of committed equity capital funding and up to a further $1.25bn of conditional equity capital funding from a group of five investors and is in talks with a further select group of potential investors also seeking to benefit from opportunities in the natural resources arena.
Ogier partner William Simpson and senior associate James Cooke acted as Guernsey legal advisers on the fund launch.