From Halopedia, the Halo wiki

LV-31 is an asteroid orbiting a gas giant in the Marcey system. The planetoid is home to a human habitat network named Elvie, after the phonetic pronunciation of the asteroid's own letters.[1]

Elvie covers around 30% of the oblong planetoid's surface, serving as a remote satellite corporate outpost for the Imbrium Machine Complex and BXR Mining Corporation; two corporations engaged in a partnership in the Marcey system as part of their work for the United Nations Space Command. The LV-31 outpost serves as a major hub for the corporations' exploratory and mining efforts in the asteroid network surrounding the gas giant, and was the site from which workers were dispatched in 2556 after the discovery of an abandoned Forerunner starship at Site 22 - itself leading to an outbreak of the Flood parasite.[1]

Overall, the mining infrastructure of LV-31 is a critical component for the UNSC Navy's shipbuilding effort, especially following the Home Fleet's near-destruction in the first and second battles of Earth in 2552 and 2556.[1]

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