Fortescue vice-chairman and mining identity Owen Hegarty has re-emerged at the helm of a $US450 million ($577 million) war chest, as he seeks to buy into mining companies at a time of huge pain for the sector.

Mr Hegarty, a high-flyer who walked away with more than $8 million after the merger that created copper miner Oz Minerals , has raised one of ­Australia’s biggest specialist mining private equity funds.