The former CEO of Xstrata Plc Mick Davis had announced it raised USD1 billion from Noble Group and TPG, the private equity group, for financing to start a resources company. Noble is the Asia's largest trader in raw materials and TPG would contribute USD500 million each in the new company to be named X2 Resources.

The announcement was made by the founders of X2 Partners, Mick Davis and former Xstrata Chief Financial Officer Trevor Reid. The firm is in discussion with other potential investors and would be using the funds to establish a diversified metals and mining company. The two were part of the executive team that built Xstata to become a USD50 billion company after ten years of acquistions, expansion and mergers.

With Noble on board, it would be the opportunity for the Singapore based firm to challenge Glencore. As for the other investors of X2, the expectation would be Davis to replicate the magic he conducted with Xstrata. Noble would be the marketer and provider of supply-chain logistics and management services while TPG would manage USD55.3 billion worth of assets, bringing deals and access to investors according to a statement from the company.