UPDATE 1-Elliott Management plans to spend over $1 bln on mining assets, FT reports

U.S. activist investor Elliott Management is setting up a company to invest over $1 billion to buy mining assets globally, the Financial Times reported on Friday, citing people familiar with the matter. Elliot'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.