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Noble Group, TPG and X2 Partners announce investment in mining venture

 

30 September 2013

X2 Partners ("X2"), Noble Group Limited ("Noble") and TPG today announce that they have agreed to invest in a newly established private mining venture, X2 Resources. Under the terms of the agreement with X2, Noble and TPG will each invest US$500 million.

X2 has been established by Mick Davis, Trevor Reid and a team of executives responsible for the creation of Xstrata plc (the "X2 Team") to seek value creating opportunities in the mining and metals sector.

The X2 Resources investment proposition is to create a new mid-tier diversified mining and metals group by leveraging the extensive track record of the X2 Team in identifying and acquiring assets and businesses at an opportune time in the cycle and applying their proven approach to integration and value enhancement to the resulting portfolio of operations.

Noble will be X2 Resources' preferred marketer and provider of supply chain management and logistics services. The partnership with Noble brings significant advantages, including market intelligence, proprietary deal flow, acquisition support and post-acquisition services such as supply chain and risk management.

As a leading private investment firm with US$55.3 billion of assets under management and investments around the world, TPG brings to X2 Resources extensive global investment experience and resources, deal flow and access to investors.

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