UK Edition
Former Xstrata boss Sir Mick Davis launches new mining venture
The ex-boss of former mining behemoth Xstrata is plotting his comeback with a new venture that will seek out deals.
Sir Mick Davis, the chief executive and treasurer of the Conservative Party who was known as “Mick the miner”, has set up Niron Metals as a vehicle to scour for potential opportunities around the world in industrial materials such as nickel, zinc and copper.
Sir Mick is one of three directors of the venture alongside Varda Shine, the former sales boss of diamond giant De Beers, and Marcos Camhis, founder and chief executive of Switzerland-based Fos Asset Management, who has previously invested in a nickel mine in the Dominican Republic.
Niron is thought to be an exploratory vehicle and has not yet enlisted large financial backers. It represents a return for Sir Mick after he wound up his last venture, X2 Resources, in 2017. Despite amassing a $5bn (£4bn) war chest, X2 was unable to find a target that its high-profile investors – which included Hong Kong commodities trader Noble Group – could agree to buy.
Sir Mick is best known as the former boss of Xstrata, which he built up into a listed mining giant before its contentious takeover by Glencore in 2012.
What had been billed as a “merger of equals” with Sir Mick at the helm turned sour when his one-time friend Ivan Glasenberg turned the deal into a full takeover and made himself chief executive. Since leaving Xstrata, Sir Mick has pursued political work and charitable interests, and reportedly narrowly missed out on becoming chairman of FTSE 100 giant Rio Tinto.