The former Xstrata CEO, on the receiving end of many a shareholder revolt, may yet develop the iron ore mine of Zogota with Beny Steinmetz
Former Xstrata CEO Mick Davis, aka"Mick the Miner". Picture: BLOOMBERG
Davis, aka Mick the Miner, had been one of mining’s most successful operators and deal makers, but in recent years has struggled to re-establish himself in the industry. Now, a remarkable make-up deal between billionaire mining tycoon Beny Steinmetz and the Guinean government has given him the chance to develop one of Africa’s richest iron ore deposits.
“Niron believes the Zogota deposit can be brought into production on an accelerated timetable, thereby helping unlock the potential of Guinea’s rich resources,” Niron said.Glasenberg vs Davis Since then it has been a roller-coaster ride for Davis, who’s also the UK Conservative Party treasurer. His private-equity vehicle, X2 Resources, folded after failing to make any deals amid volatile commodity prices and as investors couldn’t agree on what assets to buy. In 2017, he was on the cusp of being appointed Rio Tinto Group’s chair, before, once again, falling victim to an angry shareholder revolt that labeled him an unacceptable choice.
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