63X Master Fund
|63X Master Fund|
|Based in||Cayman Islands|
|Active in||Colombia, Brazil, China|
|Targeted||base metals, precious metals|
63X Master Fund is an investment vehicle of Brazil's richest man, Eike Batista (now ranked eighth richest billionaire in the world by Forbes magazine), through Batista's EBX Group.
He has a controlling 20% shareholding in Vancouver-based Ventana Gold, operator of the La Bodega gold project in Colombia, which claims the potential to dig out a third of a million ounces of the yellow stuff each year [MJ 19 November 2010].
In November 2010, Batista announced that he would make an all-cash US1. 5 billion offer for the remaining 80% in Ventana (which he can certainly afford, and which the Vancouver-based miner looked likely to accept) [MJ 19 November 2010].
Batista made his first $5 million in Brazil's gold fields by the time he was 23; between 1986 and 2001 he was the chairman of TVX Gold. Sale of a stake in MMX Mineracoa de Metalicos to Anglo American earned him a cash and paper gain of more than $1 billion [Mineweb, 8 October 2009; See also: Lumina Capital).
In 2011, MMX was still going strong: it announced future expenditure of US$2.9 billion on its iron ore mines in Brazil's Sudesta System; and it had hired a syndiate of banks (unnamed) to secure around US$800 of this amount. The company would also "approach the likes of the Brazilian Development Bank and export credit agencies" for further funding [MJ 15 July 2011].
According to a Financial Times' blog, EBX is a "mining, gas, and logistics group...which is [also] partnering with Wuhan Iron and Steel and other Chinese companies" [FT blog 17 November 2010].