Mick Davis (pictured), the former chief executive officer of Xstrata Plc, is seeking to raise at least $3 billion from investors before he starts buying mines for his X2 Resources, according to people with knowledge of his plans.

Davis, who has so far raised $1 billion, is targeting mines already in operation or close to producing, said the people, asking not to be identified because the plans aren’t public. Davis may initially limit the number of investors in X2 to six or seven, with each providing $500 million, they said.

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