Waterton eyes $600 mln for second close

In early September, I wrote about a mining and metals fund based out of Toronto called Waterton Global Resource Management, which had raised $300 million for its second fund on a $750 million target.

Now the firm is set for a second close on about $600 million, according to a person with knowledge of the fundraising. The fund is expected to be oversubscribed, and could hold a final close later this year or in early 2014, the person said.

Fund II, which focuses on buying mines and pulling precious metals out of the ground, launched in June; Waterton’s debut mining fund closed on $200 million in 2010. Waterton did not respond to a request for comment, nor did Atlantic-Pacific Capital, which is working as global placement agent for the fundraising.

In September, Colorado-based gold producer Newmont Mining Corp. (NYSE:NEM) agreed to sell the company’s Midas underground mine operation in Nevada to Waterton. Terms of the deal were not disclosed.

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