Former Xstrata boss Mick Davis’ newly founded battery metals investment firm Vision Blue Resources (VBR) is stepping up efforts to reach the goal of becoming a battery metals giant by launching a $300 million special-purpose acquisition company (SPAC).
ESM Acquisition Corp. (NYSE: ESM), co-sponsored by VBR and private equity mining investor The Energy and Minerals Group, floated in the US last week. Its mandate is to hunt for and invest in mining projects focused on producing minerals needed for electric vehicles (EVs) and other green energy technologies.
The plan is to use the Vision Blue business to invest in small mining projects, while ESM will seek bigger investment opportunities.
“ESM’s strategy is to identify and complete an initial business combination with a target that can benefit from its leadership team’s significant experience in the natural resources industry,” VBR said in a media statement.
“ESM intends to focus on a target business that is positioned to benefit from the global transition towards a low-carbon economy.”
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