X2 Resources could make a play for Vale’s nickel business.
Former Xstrata boss Mick Davis has raised US$3.75 billion from investors in a bid to buy mining assets and launch X2 Resources as a mid-level diversified resource company.
Last year, the company, based in London, said it had netted US$2.50 billion of committed funding and a further US$1.25 billion of conditional funding from a group of five investors, each contributing equally.
Davis stepped down from Xstrata following a $44 billion Glencore takeover last May and will be looking to emulate his success there.
Official talks between X2 Resources and Vale are yet to take place.
It is thought the whole unit, which includes copper as well as nickel is worth as much as $35 billion.