Australian Financial Review sources claim that fund manager IFM Investors, which is owned by 30 Australian superannuation funds, has secured exclusive rights to investing into X2.

IFM is considering a $500 million investment, which hinges on sourcing fresh capital from its institutional clients, AFR says.

Co-headed by former Xstrata chief financial officer Trevor Reid, X2 is reportedly looking at opportunities in South American copper, South African coal and in alumina projects around the world.

In late September Noble said the X2 team had an extensive track record of identifying and acquiring assets at an opportune time.

Both Davis and Reid left Xstrata following its merger with Glencore International last year, with Davis receiving a £14.2 million ($A26.1 million) payout for stepping down six months early.

IFM reportedly had $A48 billion of assets under management by the end of September with most of it in infrastructure holdings, especially airports.

Key superannuation clients include Australian Super and Cbus.