Former Xstrata boss Mick Davis is said to be finalizing talks with a Toronto-listed miner, in a deal that could kick-off a long awaited buying spree by his $5.6 billion X2 Resources fund.

Davis, a driving force in the deal making that transformed the mining sector during a decade-long commodities boom, is also said to be mulling a bid for South32, BHP Billiton’s spin-off to be officially launched next month, Bloomberg reports.

“A deal in Canada could be a prelude to the bigger acquisition he’s been seeking for some time,” two people familiar with Davis’ plans told Bloomberg.

… read more