Elliott Investment Management backed Hyperion eyes mining sector assets worth at least $1b

Florida-headquartered Elliott Investment Management is reported to be on the lookout for opportunities to invest in the global mining sector.

One of the oldest fund managers of its kind under continuous management, Elliot’s new Hyperion arm is targeting assets worth at least $1 billion to add to its portfolio.

Elliott’s strategy includes potentially taking equity positions that result in gaining control of, or a substantial minority stake in, private companies.

On occasion it also considers companies with a small public float.

The investment firm has a reputation for seeking to purchase or source credit and preferred equity positions in companies, as these positions may have longer investment horizons and are less liquid than listed securities.

It also forms and establishes from time-to-time certain special purpose vehicles, operating companies, joint ventures or similar arrangements for investing in and developing opportunities related to a particular industry, sector or strategy.

Hyperion investment arm

According to a report in the Financial Times (FT), Elliott has named former Newcrest Mining chief executive Sandeep Biswas to head up Hyperion, a new arm to investigate potential mining deals.

The FT report said that Hyperion is hunting for mining assets with a value of around $1.5 billion.

This may include single mines or buyouts of public companies and the acquisition of stakes in existing groups.

As of December 31, 2023, Elliott had approximately $100b in assets under management.

Critical minerals focus

Elliott is reported to be particularly interested in the critical mineral sector and its long-term future in supporting clean and renewable energy opportunities such as providing materials for electric vehicles and wind turbines.

While commodities such as lithium and nickel have been hammered recently, forecasts are that they will be in significant demand over the next decade.