X2 Resources has been launched by ex-CEO of mining giant Xstrata Mick Davis. TPG and Noble will each invest $500m.
The company said that TPG will bring extensive global investment experience and resources, deal flow and access to investors.
X2 Partners is currently in talks with a further group of potential investors for the company, which aims to become a mid-tier mining and metals group.
TPG founding partner Jim Coulter said, “We are excited at the opportunity to partner with Noble and X2 Resources. The X2 team has an impressive track record of building metals and mining platforms around the world.
“We look forward to deploying TPG’s global network and experience to help build this new venture with such an extraordinary team.”
Last week TPG and Credit Suisse‘s private equity arm agreed to sell their 87.5 per cent stake in German bathroom fittings business Grohe.
Copyright © 2013 AltAssets