Davis’ X2 Resources has already built a war chest of almost $4 billion and is believed to be asking JPMorgan for US$8bn loan to back up a formal offer to BHP.
Copper's the only commodity in a net short position. With news China is adding to strategic stockpiles, hedge funds are scrambling to find 375m pounds they don't have.
Under the agreement, the Papua New Guinea government paid Nautilus $7 million, which entitles it to a 15% stake in the project, with an option to increase it by another 15% in the next 12 months.