Ogier has advised X2 on the launch of its new natural resources venture, X2 Resources Partners, a Guernsey closed-ended investment vehicle.
X2 Resources has been formed by the core executive team that built Xstrata into a USD50 billion mining major from a USD500 million debt-constrained company, led by former chief executive Mick Davis and chief financial officer Trevor Reid.
Its objective is to build a mid-tier diversified mining and metals group.
X2 Resources has raised USD2.5 billion of committed equity capital funding and up to a further USD1.25 billion of conditional equity capital funding, from a group of five investors and is in talks with a further select group of potential investors who are 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. Aztec Financial Services (Guernsey) Limited are the administrators of the new fund.
Simpson says: "Ogier was delighted to assist X2 in commencing this exciting new venture. This is a great example of the high profile business Guernsey as a jurisdiction, and Ogier as a law firm, is capable of attracting from clients who are leading players in their field."
