Hi Inca,

X2 is not largely financed by Noble group. They kicked in only 500 million.

Mick Davis has approx 5 billion in his warchest right now.

Please see link below from Noble's website:

http://www.thisisnoble.com/in-the-press/2403-xstrata-executives-return-to-mining.html

Xstrata Executives Return to Mining

Dow Jones Global News Select
30 September 2013

LONDON--Xstrata's former Chief Executive Mick Davis and Chief Financial Officer Trevor Reid have secured a combined $1 billion from trading house Noble Group Ltd. (N21.SG) and private-equity firm TPG to create a midtier diversified mining and metals group called X2 Resources.

The move marks the return of Messrs. Davis and Trevor to the mining world, following the sale of Anglo-Swiss miner Xstrata to commodities group Glencore for $44.6 billion in May. It also represents a rare, relatively large fundraising effort at a time when commodities prices have slumped and investors are reluctant to back new mining ventures.

X2 Resources said Monday that Noble Group and TPG have signed nonbinding agreements in which each will invest $500 million into the company. The companies didn't disclose what kind of metals they would like to invest in nor the regions they are looking at but did say they are in discussions with other potential investors.

Mr. Davis set up X2 with the intention of taking advantage of low valuations and a dearth of buyers to scoop up assets at attractive prices, hoping to replicate what he did at Xstrata. Many large mining companies have been pairing back investments, and in some cases selling assets, following shareholder pressure to improve returns amid a slump in commodity prices.

Mr. Davis established X2 shortly after the Glencore Xstrata deal closed. He was set to become the CEO of the combined company but lost the top job after Glencore improved the terms of its Xstrata bid and after his failed attempt to secure a generous retention package for Xstrata's managers in the face of shareholder opposition.

A number of other CEOs have also left their top mining positions in order to pursue other opportunities in the mining space . Several of them were ousted because of poor performance and hefty write-downs on purchases made during the recent decade long mining boom.

Mr. Davis, a South African known for deal making, created Xstrata more than a decade ago with the help of executives that are now part of X2. They transformed the company from a ferrochrome and zinc business with a market capitalization of $500 million into a globally diversified mining company with a market capitalization of about $50 billion.

"We are pleased that Noble and TPG share our enthusiasm for this enterprise to create significant value in the mining and metals industry at this opportune time," said Mr. Davis. Noble will market X2's commodities, reflecting a similar setup between Glencore and Xstrata before the takeover. Meanwhile TPG will help the company secure additional investors for the mining group.

Yusuf Alireza, chief executive of Noble, said the deal is consistent with the trading firm's strategy to focus on supply chain management rather than produce natural resources. Noble will be X2 Resources' preferred marketer and provider of supply chain management and logistics services, the partners said.