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File photo of former Xstrata chief Mick Davis.
File photo of former Xstrata chief Mick Davis.
(Justin Sutcliffe for The Globe and Mail)

Former Xstrata head makes play for BHP Billiton’s nickel

Mining magnate Mick Davis made an initial bid for BHP Billiton Ltd.’s nickel assets in Australia, but his offer was rejected as too low, a person familiar with the matter said.

X2 Resources, Mr. Davis’ privately held company, has been looking for assets to start building itself into a medium-sized miner, and has raised up to $3.75-billion for acquisitions.