US activist investor Elliott Investment Management is setting up a company to hunt for mining assets worth more than $1 billion, according to sources familiar with the matter.

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 sources said on condition of anonymity. The new venture will be led by former Newcrest Mining CEO Sandeep Biswas, they added.

The Financial Times first reported the news.

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.

Elliott is willing to leverage the $65 billion that it has under management to go after larger deals if the opportunity arises or bring in co-investors, according to the sources.

The investment management firm did not immediately respond to a Reuters request for comment.