Decision comes in the wake of a full-scale investor revolt led by the Investor Forum, a London-based body representing some of the world’s biggest money managers.
X2 Resources Mining News
The mining veteran could face competition from internal candidates, including former head of UK gas company Centrica, Sam Laidlaw, who now sits on Rio’s board.
Launched three years ago with a $5.6bn war chest, the fund once hailed as leader of a new wave of mining investment changes course.
Recovering commodity prices and investors' veto on deals have frustrated Davis and his team in their search for mining and metals bargains.
When asked about how much lower commodities prices will dive this year, Davis said he thought they were close to hitting rock bottom.
Davis is said to be finalizing talks with a Toronto-listed miner, in a deal that could kick-off a long awaited buying spree.
The gold miner is said to be evaluating whether to put its Zaldivar copper mine on the block as it tries to meet an ambitious debt reduction target.
The former Xstrata boss’ new firm may soon pull the trigger on some big deals at a time of low commodity prices and willing sellers.
The 56 year old who built Xstrata into one of the world’s biggest mining firms and then sold it to Glencore, is tipped to be on the verge of landing his first big fish.
Glencore and X2, a company set up by former Xstrata boss Mick Davis, are among the suitors of the Chilean copper assets put up for sale by global miner Anglo American.
Sources close to X2 Resources, Davis' new company, have cast doubts on reports that the firm had made an offer.
The former Xstrata boss' new venture, X2 Resources, is "currently reviewing a number of opportunities in the metals and mining sector."
Anglo American takes a leaf from Glencore's book, sets up trading and logistics division set to contribute $400m to profits within two years.