Barrick Gold, Antofagasta $95M Chile Copper Exploration; Endeavour Mining CEO Fired; $514B Battery Industry Gap

Top Stories for Jan. 5, 2024:

1. Barrick Gold Corp GOLD and the Chilean miner Antofagasta plc announced a $95 million partnership for copper and other metals exploration in the Alto del Carmen region of Chile over the next five years.

The new venture will include 60 drilling platforms deployed over 35 concessions across 9,400 hectares, with the aim of contributing to Barrick’s longer-run goal of doubling its copper production by 2031.

Also Read: Beyond Bitcoin: How Spot ETFs Could Reshape The Global Financial Landscape

2. The West African gold miner Endeavour Mining Plc EDV announced the termination of its CEO Sébastien de Montessus “for serious misconduct” related to an irregular payment instruction of $5.9 million and personal conduct with colleagues.

The Board appointed Deputy Chair of the Board Ian Cockerill to chief executive officer and executive director, effective immediately.

3. According to an analysis from the supply chain intelligence firm Benchmark, the battery industry must invest at least $514 billion across its supply chain to meet the expected demand in 2030 and $920 billion to meet demand in 2035.

The need for investment is due to the growing demand for lithium-ion batteries, which is anticipated to reach 3.7 terawatt hours in 2030.

Now Read: New Year, Low VIX: Investors Stay Calm As 2024 Opens To Turbulent Markets

Photo: Shutterstock