Mick Davis, the former chief executive of Xstrata, has raised an additional $1-billion (U.S.) to finance his new mining company.
Mr. Davis' private equity firm, X2 Resources, has now raised $3.3-billion from investors, as well as $1.5-billion in conditional equity funding for a total of $4.8-billion.
Mr. Davis created X2 after Glencore Plc bought Xstrata in 2013.
Since then, the market has been waiting for Mr. Davis and his team of former Xstrata executives, to make a move.
A number of mines have come onto the market, as giant players including BHP Billiton Ltd. and Anglo American Plc seek to streamline their operations.
Mr. Davis has looked at some of BHP assets, including its nickel operations in Australia. But his bid was rejected as too low, people familiar with the matter said.
X2 has not disclosed when it will deploy its capital. The private equity firm also declined to provide detail of potential acquisitions, except to say it was "currently reviewing a number of opportunities."
Mr. Davis built Xstrata into one of the world's largest mining companies through acquisitions, including the takeover of Canadian nickel producer Falconbridge.
Two of Mr. Davis' investors are TPG Capital, an American investment firm, and Noble Group, one of the largest commodities trading companies. The other investors were not disclosed.