Mick Davis launches $300M battery metals SPAC

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.

ESM Acquisition Corp. (NYSE: ESM), co-sponsored by VBR and private equity mining investor The Energy and Minerals Group, floated in the U.S. 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.

Davis’s plan is to use his Vision Blue business to invest in small mining projects, while ESM will seek bigger investment opportunities.