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Activist investor Elliott to target mining assets worth at least $1 billion

Sandeep Biswas

Sandeep Biswas

23rd February 2024

By: Reuters

  

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Elliott Management is setting up a company to hunt for global mining assets in the range of at least $1-billion, as it seeks to take advantage of the depressed valuation of groups operating in the sector, people familiar with the matter said.

Elliott's new venture, called Hyperion, would have a mandate to buy across all assets, including base and precious metals and commodities used in electric vehicles, the report said. The new venture will be led by former Newcrest Mining CEO Sandeep Biswas, it added.

The mining industry is a key focus for policymakers and investors globally because it provides the critical raw materials needed for electric vehicles and renewable energy infrastructure.

By 2035, demand for lithium, nickel and cobalt is expected to be 23 times higher than in 2021, with copper demand doubling over the same period, a study by US ratings agency S&P showed last August.

The investment management firm is also willing to leverage the $65-billion that it has under management to go after larger deals if the opportunity arises, FT reported.

Elliott Management did not immediately respond to a Reuters request for comment.

Edited by Reuters

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