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January 22, 2025

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In this video, Dave shares five charts from his ChartList of market ratios that investors can use to track changing market conditions through 2025. If you want to better track shifts in market leadership, identify where funds are flowing, and stay on top of evolving market trends, make sure to include this ChartList in your weekly market analysis routine!

This video originally premiered on January 21, 2025. Watch on StockCharts’ dedicated David Keller page!

Previously recorded videos from Dave are available at this link.

As the energy transition continues to unfold, US electric vehicle (EV) pioneer Tesla (NASDAQ:TSLA) has been making moves to secure supply of the raw materials it needs to meet its production targets.

Lithium in particular has been top of mind for CEO Elon Musk. Back in 2020, the battery metal had a spotlight moment at Tesla’s Battery Day, when Musk shared that the company had bought tenements in the US state of Nevada, and was looking for a new way to produce lithium from clay — a process yet to be proven at commercial scale.

Lithium prices went on to hit all-time highs, but swiftly declined in 2023 and continued on a downward trend in 2024. Prices for other key battery metals have also decreased as EV sales growth has fallen across most global markets in the face of economic uncertainty and higher interest rates. According to Goldman Sachs research, EV battery costs are at record lows and are forecasted to fall by 40 percent between 2023 and 2025.

In a mid-2023 Tesla earnings call, Musk seemed relieved to see prices for the battery metal had declined. “Lithium prices went absolutely insane there for a while,” he said. Lower battery prices will bring EVs closer to cost parity with internal combustion engines vehicles, leading to wider adoption and increased demand.

During the 2024 US presidential election, Musk threw his support behind Republican candidate and former president Donald Trump, who has been historically critical on electric vehicles and subsidies. Following Trump’s election win on November 5, AP News reported that these stances could support Tesla as they would be more likely to harm smaller competitors who were less established than the EV giant. Tesla’s share price shot upwards in response to the election outcome.

In the spring of 2024, Musk invited Argentine President Javier Milei to the Tesla factory in Austin, Texas, where the two reportedly discussed the investment opportunities in Argentina’s lithium sector. As a prominent member of the prolific Lithium Triangle, the South American nation is the fourth leading lithium producer by country.

Australia’s hard-rock deposits and Chile’s brines are also top sources for the world’s lithium supply. But lithium refining is dominated by China, which accounted for 72 percent of global lithium processing capacity in 2022.

With the limelight on Musk and Tesla, investors should know where the electric car company sources its lithium.

Read on to learn more about where Tesla gets its lithium, how much lithium is in a Tesla battery and what the EV maker is doing to better secure its lithium supply chain.

In this article

    Which lithium companies supply Tesla?

    Tesla has deals with multiple lithium suppliers, some that are already producers and some that are juniors developing lithium projects.

    At the end of 2021, Tesla inked a three-year lithium supply deal with top lithium producer Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460), and the Chinese company began providing products to Tesla starting in 2022. Major miner Arcadium Lithium (NYSE:ALTM,ASX:LTM), which is set to be acquired by Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), also has supply contracts in place with the EV maker.

    China’s Sichuan Yahua Industrial Group (SZSE:002497) agreed to supply battery-grade lithium hydroxide to Tesla through 2030. Under a new, separate agreement finalized in June 2024, Yahua is set to supply Tesla with an unspecified amount of lithium carbonate between 2025 and 2027, with the option to extend the contract by another year.

    Liontown Resources (ASX:LTR,OTC Pink:LINRF) is set to supply Tesla with lithium spodumene concentrate from its AU$473 million Kathleen Valley project. The deal is for an initial five year period set to begin this year, and production began in July 2024.

    In January 2023, Tesla amended its agreement with Piedmont Lithium (ASX:PLL,NASDAQ:PLL), which now supplies the US automaker with spodumene concentrate from its North American Lithium operation, a joint venture with Sayona Mining (ASX:SYA,OTCQB:SYAXF). The deal is in place through the end of 2025.

    Even though Tesla has secured lithium from all these companies, the EV supply chain is a bit more complex than just buying lithium directly from miners. Tesla also works with battery makers, such as Panasonic (OTC Pink:PCRFF,TSE:6752) and CATL (SZSE:300750), which themselves work with other chemical companies that secure their own lithium deals.

    What are Tesla batteries made of?

    Tesla vehicles use several different battery cathodes, including nickel-cobalt-aluminum (NCA) cathodes and lithium-iron-phosphate (LFP) cathodes.

    Tesla is known for using NCA cathodes developed by Japanese company Panasonic. This type of cathode has higher energy density and is a low-cobalt option, but has been less adopted by the industry compared to the widely used nickel-cobalt-manganese (NCM) cathodes. Aside from that, South Korea’s LG Energy Solutions (KRX:373220) supplies Tesla with batteries using nickel-cobalt-manganese-aluminum (NCMA) cathodes.

    As mentioned, it wasn’t just lithium that saw prices climb in 2021 — cobalt doubled in price that same year, and although it has declined since then, the battery metal remains essential for many EV batteries. Most cobalt mining takes place in the Democratic Republic of Congo, which is often associated with child labor and human rights abuses, fueling concerns over long-term supply.

    That said, not all Tesla’s batteries contain cobalt. In 2021, Tesla said that for its standard-range vehicles it would be changing to lithium-iron-phosphate (LFP) cathodes, which are cobalt- and nickel-free. At the time, the company was already making vehicles with LFP chemistry at its factory in Shanghai, which supplies markets in China, the Asia-Pacific region and Europe.

    In April 2023, Tesla announced that it planned to use this type of cathode chemistry for its short-range heavy electric trucks, which it calls ‘semi light.’ The company is also looking to use LFP batteries in its mid-sized vehicles.

    At the top of 2024, Tesla made moves to produce LFP batteries at its Sparks, Nevada, battery facility in reaction to the Biden Administration’s new regulations on battery materials sourcing, especially on those sourced from China. Reuters reports Tesla battery supplier CATL will sell idle equipment to the car maker for use at the plant, which will have an initial capacity of about 10 gigawatt hours.

    What company makes Tesla’s batteries?

    Tesla works with multiple battery suppliers, including Panasonic, its longtime partner, as well as LG Energy Solutions, the second largest battery supplier in the world. They supply the EV maker with cells containing nickel and cobalt.

    China’s CATL has been supplying LFP batteries to Tesla for cars made at its Shanghai plant since 2020. It’s also been reported that BYD Company (OTC Pink:BYDDF,SZSE:002594) is supplying Tesla with the Blade battery — a less bulky LFP battery — which the car manufacturer has used in some of its models in Europe.

    Additionally, BYD is set to work with Tesla on its battery energy storage systems (BESS) in China, with a plan to supply 20 percent of Tesla’s anticipated BESS manufacturing capacity, with CATL expected to cover 80 percent. The factory, which began production at the close of 2024, uses the companies’ LFP batteries.

    How much lithium is in a Tesla battery?

    How much lithium do Tesla batteries actually contain? That question is tricky because many factors are at play. Typically, it depends on battery chemistry, as demonstrated by the chart below, as well as battery size.

    For example, the standard Tesla Model S contains about 138 pounds, or 62.6 kilograms, of lithium. It is powered by a NCA battery, which has a weight of 1,200 pounds or 544 kilograms.

    The amount of lithium in a Tesla battery can also vary based on model and year as the battery chemistries and weights are often changing with each new iteration.

    Back in 2016, Musk said batteries don’t require as much lithium as they do nickel or graphite — he described lithium as ‘the salt in your salad.’ As the chart below shows, the metal only makes up about a 10th of the materials in each battery.

    Metal content of battery chemistries by weight.

    Chart via BloombergNEF.

    But a key factor to remember is volume — given the amount of batteries Tesla needs to meet its ambitious goals, it could hit a bottleneck if it can’t secure a steady supply of raw materials. Of course, this is true not just for Tesla, but for every carmaker producing EVs today and setting targets for decades to come.

    For that reason, demand for lithium-ion batteries is expected to soar in the coming years. By 2030, Benchmark Mineral Intelligence forecasts that demand will grow by 400 percent to reach 3.9 terawatt-hours. Over the same forecast period, the firm sees the current surplus in the lithium supply coming to end.

    Will Tesla buy a lithium mine?

    For carmakers, securing lithium supply to meet their electrification goals is becoming a challenge, which is why the question of whether they will become miners in the future continues to come up.

    But mining lithium is not easy, and despite speculation, it’s hard to imagine an automaker being involved in it, SQM’s (NYSE:SQM) Felipe Smith said. “You have to build a learning curve — the resources are all different, there are many challenges in terms of technology — to reach a consistent quality at a reasonable cost,” he noted. “So it’s difficult to see that an original equipment manufacturer (OEM), which has a completely different focus, will really engage into these challenges of producing.”

    Even so, OEMs are coming to the realization that they might need to build up EV supply chains from scratch after the capital markets’ failure to step up, Benchmark Mineral Intelligence’s Simon Moores believes. Furthermore, automotive OEMs that are making EVs will in effect have to become miners.

    “I don’t mean actual miners, but they are going to have to start buying 25 percent of these mines if they want to guarantee supply — paper contracts won’t be enough,” he said.

    However, Musk has made it clear to investors that Tesla is more focused on developing its lithium refining capabilities, rather than getting into the mining game.

    Where is Tesla’s lithium refinery?

    Tesla broke ground on its in-house Texas lithium refinery in the greater Corpos Christi area of the state in 2023. Tesla’s lithium refinery capacity is expected to produce 50 GWh of battery-grade lithium per year. Construction of the lithium refinery is nearly completed with full production anticipated in 2025.

    Tesla’s Texas lithium refinery was facing an obstacle in obtaining a contract for the 8 million gallons of water per day needed to run the plant, as the region of South Texas is in the middle of a serious drought and water supplies are tight.

    ‘In December, South Texas Water Authority passed an infrastructure deal that will allow Nueces Water Supply to sell rights to the pipe Tesla will need to obtain water, which was one of the hold-ups for a water deal,’ Bloomberg BNN reported in early January.

    Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

    This post appeared first on investingnews.com

    There’s been a great deal of speculation surrounding a potential Starlink initial public offering (IPO), and the idea of an impending Starlink stock release date has investors excited.

    Elon Musk’s satellite internet business been referred to by many as the future of global connectivity, offering low latency and high speed in even the most remote locations. The company controls roughly 7,000 satellites and recently surpassed over 4 million subscribers.

    One reason for this interest is Musk’s reputation in the investment space, as he has been involved in multiple highly successful and high-profile tech companies. Starlink itself is an offshoot of one of his other companies, SpaceX.

    Even without Musk’s involvement, Starlink has immense market potential. A lack of connectivity is one of the most significant bugbears facing the proliferation of technology like autonomous vehicles and the internet of things. By removing this restriction, Starlink could cultivate a flood of invention and innovation and allow edge computing to thrive.

    The company’s satellites have been deployed in countries around the world in recent years. In June 2023, parent company SpaceX was awarded a contract by the Pentagon in the US to provide internet terminals for use in Ukraine. A few months later, following the launch of its war on Hamas, Israel entered into talks with SpaceX to secure the use of Starlink satellites as a backup communications system.

    Additionally, the company launched a US$90 million deal with Mexico in November 2023 to provide free internet to remote regions, and Telstra Group (ASX:TLS,OTC Pink:TTRAF) became one of the first service providers to offer Starlink connectivity to rural Australians in July of that year.

    More recently, the company has been making significant inroads into African countries, including Zimbabwe, Niger, Liberia, and Musk’s native country of South Africa.

    In September 2024, Starlink inked a contract with United Airlines to provide in-flight wifi. A few months later, Starlink secured a deal with the Canadian province of Ontario to bring high-speed satellite internet access to homes and businesses in rural, remote and northern communities beginning in June 2025.

    Will Starlink go public? Although a Starlink IPO has yet to be officially announced, there has been a great deal of speculation, and some experts have suggested that the occasion may be closer than many realize. That speculation has increased with US President Donald Trump’s return to the White House, and the possibility of more lucrative contracts for the satellite technology company. With that in mind, those considering a Starlink investment must ensure they understand the company and its technology as soon as possible.

    In this article

      What is satellite internet?

      A satellite internet connection transmits and receives data via a network of near-Earth satellites. Though this technology isn’t new, it has evolved considerably over the past several years. At the time of its inception, it was generally only used by subscribers in remote areas who had few other options for connectivity.

      The history of satellite internet traces back to 1962, with the world’s first commercial communication satellite. Known as Telstar 1, the satellite was launched by NASA in response to Russia’s successful launch of the satellite Sputnik 1. It had a short life, however; Telstar launched one day after high-altitude nuclear weapons testing, and radiation from the tests damaged electronics on the satellite. It was only operational for seven months before it was rendered inoperable.

      Interestingly, the idea of transmitting information via satellite wasn’t new at the time of Telstar’s launch. Decades earlier, astronautics theorist Herman Potočnik first proposed the concept of geostationary orbital satellites in his 1929 book ‘Das Problem der Befahrung des Weltraums – der Raketen-Motor,’ which translates to ‘The Problem with Space Travel: the Rocket Motor.’ Renowned futurist Arthur C. Clarke would later cite Potočnik’s work in a 1945 paper envisioning satellite communication.

      The first real use of satellite internet would not occur until the late 20th century via the Teledisc project, funded by Microsoft (NASDAQ:MSFT). First proposed in 1994, Teledisc planned to establish a network of low-orbit broadband satellites. Unfortunately, the project was rendered defunct in 2002 shortly after the failure of two similar ventures, Iridium and Globalstar.

      One year later, in 2003, French satellite operator Eutelsat became the first company in the world to launch a successful satellite internet project. Since then, multiple service providers and telecommunications companies have dabbled in satellite connectivity. However, it has largely lagged behind its technological peers, primarily only seeing use in particularly isolated regions.

      To explain why, we need to first explain the different types of internet. The two most common are land-based connections and cellular or mobile connections.

      Landline internet uses telephone lines, coaxial cables or dedicated fiber-optic cables to send and receive data from a modem or router. This device then serves as an access point, allowing everything from computers to smart home appliances to connect to the internet. Mobile internet, meanwhile, leverages nearby cell phone towers to beam data directly to and from connected devices.

      Traditional satellite internet is something of a fusion between mobile and landline, albeit over a vastly larger distance. It leverages a satellite dish connected to two modems. One modem is used for sending data and the other for receiving.

      Historically, speed and capacity represent the two most significant drawbacks to satellite internet. Most satellite internet service providers only support speeds between 25 and 300 megabits per second (mbps). By contrast, landline fiber internet is capable of speeds up to 5 gigabits per second (gbps). Satellite internet also tends to be far costlier than a comparable landline connection, with higher latency and lower caps on data usage. It may also suffer from issues with reliability. Lastly, satellite internet may suffer from interference due to factors such as terrain or canopy coverage.

      That brings us around to what makes Starlink exciting. Although not yet competitive with landline internet in terms of cost, the company offers considerably higher data caps and speeds than any other provider on the market — up to 500 mbps with a 1 terabyte cap. Starlink’s low-orbit satellites are also less vulnerable to geographic interference while offering more consistent and reliable coverage.

      Does Starlink have an IPO date?

      At the time of this writing, Starlink is not publicly traded, and there is no concrete date for a Starlink IPO. Hints of a possible Starlink IPO originally came from several tweets made by Musk in 2021.

      ‘Once we can predict cash flow reasonably well, Starlink will IPO,’ he explained at the time. ‘(It will be) at least a few years before Starlink revenue is reasonably predictable. Going public sooner than that would be very painful.’

      Musk added later that year that Starlink’s parent company SpaceX ‘needs to pass through a deep chasm of negative cashflow over the next year or so to make Starlink financially viable.’

      At the time, Musk said a Starlink IPO wasn’t likely until at least 2025 or later.

      It’s no surprise then that market watchers’ eyebrows rose when listening to SpaceX President and Chief Operating Officer Gwynne Shotwell speak at the February 2023 Commercial Space Transportation Conference. While discussing a planned testing milestone for SpaceX’s rockets, Shotwell claimed that 2023 was the year Starlink would make money.

      She added that the company had a cashflow-positive quarter in 2022. There was also SpaceX’s reported revenue for 2022 — just over US$3.3 billion, US$1 billion of which originated from Starlink.

      In early November 2023, Musk reported that Starlink had once again “achieved breakeven cashflow.’

      Shortly after, an anonymous source told Bloomberg that a Starlink IPO could be on the table for 2024. But Musk quickly fired back in a post on X that the report was “false.”

      It seems fairly clear based on Musk’s comments that we shouldn’t expect a Starlink IPO anytime soon. So why is there so much speculation that one is just around the corner?

      Well, for one thing Starlink sales dominated SpaceX’s 2023 revenues, meaning the company made more money as an internet provider than as a space rocket company. Starlink revenues topped a massive US$4.2 billion that year, compared to US$3.5 billion for the firm’s core rocket launch business.

      Of course, these figures should be taken with a very large grain of salt. As is too often the case in technology investing, there is no shortage of hype surrounding Starlink, much of it drummed up by Musk himself. An April 2024 BNN Bloomberg article points out that even with all that revenue, Starlink “is still burning through more cash than it brings in.” Based on anonymous inside sources, Starlink accounting is “more of an art than a science.’

      Even if those numbers are inflated, the company does show promise, and analysts are still optimistic that a Starlink IPO is on the horizon. Justus Parmar, founder and CEO of venture capital firm Fortuna Investments, told Reuters he’s eyeing 2025 or 2026. “(Musk’s) waiting for a level of stability or predictability in revenue,” he said. Once the IPO is official, Parmar believes it will “be an extremely strong catalyst for everything space related.”

      How can you get exposure before the Starlink IPO date?

      While it’s impossible to invest directly in Starlink, you may be able to get a head start by investing in Tesla (NASDAQ:TSLA), as Musk stated he’ll ‘do his best’ to give preference to long-term Tesla shareholders. Additionally, there are platforms such as Hiive that enable accredited investors to purchase shares of pre-IPO companies, including SpaceX.

      Fortunately, you have several options if you simply want to invest in satellite internet and aren’t particularly attached to the idea of Starlink. In spite of their failed efforts in the early 2000s, both Iridium Communications (NASDAQ:IRDM) and Globalstar (NYSEAMERICAN:GSAT) are currently going strong. Globalstar’s performance is especially promising, as the company’s share price has increased in value by almost 300 percent over the past five years as of mid-January 2025.

      EchoStar (NASDAQ:SATS) is another satellite provider that’s performed strongly in recent years. Other potential satellite internet investments include ViaSat (NASDAQ:VSAT) and Gilat Satellite Networks (NASDAQ:GILT).

      As with any investment, it’s important to do your research and speak to an accredited brokerage or investment advisor before you commit any capital.

      Investor takeaway

      From an investment perspective, Starlink displays incredible promise. The company’s ties to Musk, a man with an established track record of successful technology startups, has generated considerable interest out of the gate. Yet even ignoring the connection to Musk, Starlink has a massive potential addressable market thanks to ongoing demand for better connectivity and a relative dearth of viable options for edge computing.

      Trends such as distributed work and the proliferation of internet of things devices will only further drive this demand.

      With that said, it’s best to exercise a degree of restraint where Starlink is concerned. Although the company will very likely be a sound investment once it or SpaceX goes public, there is currently a great deal of exaggerated hype and speculation surrounding it. Anyone who chooses to add Starlink shares to their portfolio if the company does go public should first ensure they understand what to expect — something they cannot do by listening to hype alone.

      Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

      This post appeared first on investingnews.com

      Ioneer (ASX:INR,NASDAQ:IONR) has received a US$996 million loan from the US Department of Energy’s (DOE) Loan Programs Office (LPO) to develop an on-site processing facility at its Rhyolite Ridge lithium-boron project.

      Filed under the DOE’s Advanced Technology Vehicles Manufacturing program, the investment is part of the LPO’s work to build a critical minerals supply chain in the US, while creating rural jobs and supporting American manufacturers.

      The US$996 million loan has a principal of US$968 million, with the remaining US$28 million as capitalised interest. It also represents a US$268 million principal increase from a conditional loan provided in January 2023.

      Ioneer said it has engaged with the LPO for more than three years, with the timing of the transaction driven by its receipt of a positive record of decision from the Department of the Interior in October 2024.

      “The need for domestically sourced and processed lithium and boron has never been greater,” said Ioneer Executive Chairman James Calaway in a Monday (January 20) press release. “The United States requires Rhyolite Ridge and more projects like it if we want secure domestic critical mineral production. It’s as simple as that.’

      Rhyolite Ridge is located in Esmeralda County, Nevada, and the company believes that once operational it will increase the nation’s lithium supply by four times, reducing reliance on foreign sources.

      Ioneer also notes that the asset is North America’s only known lithium-boron deposit, and one of only two such deposits worldwide. It could power upward of 50 million electric vehicles over a 26 year mine life.

      Managing Director Bernard Rowe added that the project is fully permitted and construction ready.

      “(It) will not only create new jobs in Nevada but foster innovation across the country,’ he said.

      The US Bureau of Land Management released a final environmental impact statement for the project in September 2024.

      At the time, Ioneer said Rhyolite Ridge was the first lithium project to reach this stage of the environmental permitting review process under the Biden administration.

      Construction is targeted for late 2025, and is expected to last an average of 36 months.

      Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

      This post appeared first on investingnews.com

      Canadian oil and gas stocks have faced a rollercoaster ride over the past few years.

      However, analysts remain optimistic about the sector, and there are signs that oil and gas companies in Canada may be in a multi-year bull market. The top oil and gas stocks on the TSX and TSXV have been posting gains despite volatile market conditions, and many companies offer strong payouts for dividend investors.

      Canadian energy stocks that pay dividends — a portion of corporate profits shared on a specific timeline — are attractive to those who prefer a long-term approach to wealth creation. Dividend investing allows for a steady flow of income and the opportunity to increase equity holdings.

      Investors should look for stocks with high dividend yields, which is based on annual dividend income per share divided by price per share. For example, if a dividend stock has a share price of C$10.00 and pays a C$0.25 dividend every quarter, it has a dividend yield of 10 percent. Of course, as share prices fluctuate, so too will dividend yields, so investors should perform due diligence when choosing which company to invest in.

      The ability to offer a dividend payment points to the financial health of a company, making it a point of pride for companies in the oil and gas industry.

      1. Cardinal Energy (TSX:CJ)

      Company Profile

      Dividend yield: 10.6 percent
      Debt-to-equity ratio: 0.08
      Market cap: C$1.08 billion

      Cardinal Energy is an oil-focused company with operations centered on low-decline light, medium and heavy oil in Alberta and Saskatchewan, Canada. It also produces liquid and conventional natural gas.

      The company reported that its Q3 2024 production decreased by 3 percent from the previous quarter to 21,128 barrels of oil equivalent per day (boe/d) ‘as planned Company owned and unplanned third-party facility turnarounds impacted the third quarter production.’

      Cardinal Energy pays a monthly dividend of C$0.06 per share. Its January dividend will be paid on February 18, 2025, to shareholders of record as of January 31.

      2. InPlay Oil (TSX:IPO)

      Dividend yield: 10.11 percent
      Debt-to-equity ratio: 0.2
      Market cap: C$160.41 million

      InPlay Oil is an oil and natural gas company with operations concentrated in West Central Alberta. In its financial and operating highlights for the period ending September 30, 2024, the company reported that its average production for the quarter came in at 8,206 boe/d, down from 8,657 in the prior quarter due in part to shut-ins on natural gas production with the plan of bringing it online during the winter season, which sees higher prices.

      InPlay pays a monthly dividend of C$0.015 per share. It will pay its next dividend on January 31, 2025, to shareholders of record as of January 15.

      3. Petrus Resources (TSX:PRQ)

      Company Profile

      Dividend yield: 8.33 percent
      Debt-to-equity ratio: 0.2
      Market cap: C$180.16 million

      Petrus Resources has developed an extensive inventory of low risk oil and natural gas development assets in Alberta. Its operating areas are Ferrier, North Ferrier and Thorsby. For the period ending September 30, 2024, the company reported average production of 9,215 boe/d, a 3 percent drop from production reported in the previous quarter due to scheduled maintenance and ‘strategic shutins due to low natural gas prices.’

      Petrus Resources began paying dividends in Q4 2023 and pays a monthly dividend of C$0.01 per share. The company will pay its next dividend on January 31, 2025, to shareholders of record as of January 15.

      4. Surge Energy (TSX:SGY)

      Company Profile

      Dividend yield: 8.18 percent
      Debt-to-equity ratio: 0.31
      Market cap: C$613.33 million

      Surge Energy is an oil-focused exploration and production company with assets in two of Canada’s premiere conventional oil growth plays: Sparky and SE Saskatchewan. In its financial and operating highlights for the period ending September 30, 2024, the company reported that in Q3 average production increased from the previous quarter to 23,795 boe/d.

      Surge Energy pays a monthly cash dividend, which it raised from C$0.04 to C$0.043 per share in June 2024. On February 18, 2025, the company will make its next dividend payout, which will be made to shareholders of record as of January 31.

      5. Peyto Exploration & Development (TSX:PEY)

      Company Profile

      Dividend yield: 7.78 percent
      Debt-to-equity ratio: 0.5
      Market cap: C$3.36 billion

      Last on this list of top Canadian oil and gas dividend stocks is Peyto Exploration & Development, which conducts unconventional natural gas exploration, development and production in the Deep Basin in Alberta. The company reported that its Q2 2024 production volumes averaged 120,031 boe/d, up 23 percent year-over-year, which it attributed mainly to the Repsol Canada Energy Partnership acquisition that closed in Q4 2023.

      Currently, Peyto pays its shareholders a monthly dividend of C$0.11 per common share, and plans to make a dividend payout on February 14, 2025, to shareholders of record as of January 31.

      Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

      This post appeared first on investingnews.com

      Since reaching an all-time high of US$3,002 per ounce in February 2022 palladium has been in a continuous downward trend. More than 80 percent of the platinum group element’s (PGE) demand comes from the auto sector.

      There, it is used in the production of catalytic converters, but high prices saw parts makers reduce the amount of palladium in their products for cousin PGE platinum, which has traded at lower price points.

      Although the price of palladium has come down and even stabilized in 2024, it’s still trading at a premium to platinum, US$953.50 per ounce vs US$932.70 as of January 15, 2025.

      It largely traded in the US$900 to US$1,100 for most of 2024, but saw a short term spike to US$1,200 in October as the US Treasury called for stricter sanctions on Russian precious metals. Russia is one of the world’s top supplier of Palladium and other PGE metals.

      Given its reliance on the auto sector, what does it mean for palladium as more auto companies make the switch from internal combustion (ICE) to electric (EV) and hybrid drive train vehicles?

      What factors will impact palladium in 2025?

      In CPM Group’s 2025 Gold and Silver Outlook, Jeffrey Christian, the firm’s managing director, said he expects both platinum and palladium to stay rangebound in 2025, albeit with a downward bias.

      He expects that bias to be more pronounced for palladium due to weakening demand from the auto sector.

      Because palladium catalyzes toxic engine emissions into less-toxic exhaust gases, the auto sector is critical to supporting palladium pricing. While overall car sales are expected to rise 1.7 percent to 89.6 million cars in 2025, an increasing share will be electric, which doesn’t require any palladium load-outs.

      However, while EV demand is still growing, the speed at which EVs are gaining greater market share is slowing. According to S&P data, EVs are expected to reach a 16.7 percent market share of light vehicle sales versus 13.2 percent in 2024 and 7 percent in 2023.

      The slowing demand is in part due to market saturation and is also attributed to consumer fears around the availability of charging infrastructure and the overall range of electric vehicles. Additionally, broader electrical grid requirements may be stymied by a lack of necessary resources like copper to provide upgrades needed to handle an influx of new vehicles.

      Another issue that may influence the auto industry in 2025 is the effect of the policy proposals of the incoming Trump administration.

      In December, Donald Trump proposed sweeping 25 percent tariffs on the US’s largest trading partners, Canada and Mexico. Such tariffs would have an outsized impact on the North American auto sector, as vehicles and parts would face a 25 percent cost increase every time they entered the United States. Without carve-outs, the move could decimate new light vehicle demand in all three countries.

      However, during the election, the president also proposed eliminating subsidies for new EV sales, effectively pushing the price of new vehicles up by as much as US$7,500.

      It remains to be seen how and when these promises will be implemented. It’s also uncertain how much influence Tesla (NASDAQ:TSLA) CEO Elon Musk will have, especially over EV policy, but he has already endorsed rolling back the subsidies.

      Palladium supply and demand in 2025

      The auto sector accounts for 80 percent of palladium demand, making it by far the most important driver.

      According to a report from CPM Group, auto demand is expected to recover to pre-pandemic levels in 2025, rising to 8.5 million ounces. However, this will be offset by demand from the jewelry and industrial sectors, which will decline to around 2 million ounces.

      On the supply side, palladium is forecast to enter a surplus in 2025 and reach just under 1 million ounces over the next two years. The increase in supply is attributable to an additional 1.2 million ounces of recycled palladium entering the market due to the scrapping of end-of-life vehicles. This would create a total yearly recycled amount of 3.5 million ounces by 2025.

      In addition to scrap material, both Russian and South African mines are forecast to return to historic output levels, further supporting an oversupplied palladium market.

      What is the palladium price outlook for 2025?

      Christian’s prediction of a sideways palladium price suggests a range of US$900 to US$1,000.

      This viewpoint is supported by a recent report from Heraeus Precious Metals. It suggests the metal is likely to trade between US$800 and US$1,200, also based on increasing supply and weak demand.

      Overall, the consensus seems to be that the palladium market will be weaker in 2025.

      Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

      This post appeared first on investingnews.com

      Chinese leader Xi Jinping vowed to take his country’s ties with Russia to a new level this year in a video conference with counterpart Vladimir Putin on Tuesday, hours after the inauguration of US President Donald Trump.

      The two leaders have made it an annual tradition to speak around the new year – a feature of a close personal rapport that’s helped cement a partnership between their countries that’s only grown as Putin wages war on Ukraine.

      Xi expressed his readiness to “guide China-Russia relations to a new height” and respond to “external uncertainties” with the “stability and resilience of China-Russia ties,” a readout from China’s Foreign Ministry said.

      The two countries should deepen “strategic coordination” and “practical cooperation” and “firmly support each other,” Xi told the Russian president, who appeared via video link on a large screen in Beijing’s Great Hall of the People during the conference call.

      Putin hailed the countries’ expanding trade – which Chinese data show hit a record high last year – and alluded to their shared ambitions to reshape a global order they see as unfairly dominated by the United States.

      “We stand united in advocating for a more just multipolar world order and work to ensure indivisible security both in the Eurasian space and globally,” Putin told Xi, according to a Kremlin readout. Moscow and Beijing’s joint efforts “objectively play a major stabilizing role in international affairs,” he claimed.

      The call between the two autocrats comes as both closely watch Trump’s return to the White House.

      The two leaders have each publicly expressed a hope to reset fraught relations with the US under the new administration. Trump has also signaled interest in engaging with or meeting both leaders early in his presidency, though it’s still unclear how conciliatory or hardline the new administration will be toward either US rival.

      Xi and Trump held their own call days before the US president’s inauguration, with the conversation touching on a range of topics including the war in Ukraine, Trump later said.

      Xi told Putin about that phone call during the two leaders’ more than hour-and-a-half conversation Tuesday, according to Kremlin aide Yury Ushakov.

      “Issues of the two countries’ relations with the United States were also raised,” he said. “In this context, the leaders, naturally, discussed certain aspects of the development of potential contacts with the US administration,” Ushakov added, according to Russian state news agency TASS.

      A diplomatic triangle?

      Trump has voiced personal admiration for both autocrats, but he’s also expected to seek concessions from each with an eye to evening an economic playing field between the US and China and ending Putin’s assault on Ukraine.

      Trump on Tuesday indicated he would consider placing additional sanctions on Russia if Putin failed to come to the negotiating table to end the war.

      “We’re talking to (Ukrainian President Volodymyr) Zelensky. We’re going to be talking with President Putin very soon, and we’ll see what – how it all happens,” Trump said.

      Trump also suggested he hopes Xi can use his sway to play a role in brokering an end to that conflict, noting that he urged the Chinese leader during their recent call to “get it settled.”

      European leaders have long hoped that Xi could play a role bringing Putin around to accepting Ukraine’s peace terms, but the entrance of Trump into the White House and his stated drive to end the war adds new potential for China to play a role.

      That could set up a delicate balancing act for Beijing. Xi has long sought to portray China as a potential peace broker in the conflict, even as the US and its allies have accused Beijing of propping up the Russian war effort with the export of dual-use goods, which Beijing denies. Xi is also seen to be keen to build good rapport with Trump to avert potentially damaging tariffs at a time of economic weakness in China.

      But the Chinese leader will also likely want to be careful not to damage his partnership with Russia. Xi and Putin inked a “no limits” partnership weeks before Putin’s invasion and Xi sees his Russian counterpart as a critical partner among broader frictions with the West.

      Neither the readout from the Kremlin nor China’s Foreign Ministry specified whether the war in Ukraine was discussed during Tuesday’s call between Putin and Xi.

      Instead, both readouts referred to the 80th anniversary of the allied victory shared by Beijing and Moscow in World War II. Xi and Putin had each invited the other to commemorate that victory together this year, with events in Russia in May and China in September, the Kremlin said Tuesday.

      This post appeared first on cnn.com

      Hundreds of same-sex couples are expected to tie the knot across Thailand on Thursday as the country becomes the first in Southeast Asia to recognize marriage equality.

      The landmark bill marks a momentous win for the LGBTQ+ community, which has fought for more than a decade for the same marriage rights as heterosexual couples.

      “This could be a model for the world because we now have Thailand as a model. There is true marriage equality in Thailand,” said Kittinun Daramadhaj, a lawyer and president of Rainbow Sky Association of Thailand, one of many who has been campaigning for equality.

      Under the legislation, passed by Thailand’s parliament and endorsed by the king last year, same-sex couples will be able to register their marriages with full legal, financial, and medical rights, as well as adoption and inheritance rights.

      Prime Minister Paetongtarn Shinawatra hailed the country’s success at an event last week, when she invited dozens of LGBTQ+ couples and activists to the government’s offices.

      “This demonstrates that Thailand is ready to embrace diversity and accept love in all its forms. Today shows that our country is open and accepting,” she said.

      Celebrations will take place on Thursday in other parts of the country stretching from the eastern coastal city of Pattaya to the mountainous northern city of Chiang Mai.

      In downtown Bangkok, at least 200 couples have signed up to get married in a mass wedding at a popular shopping mall, according to Bangkok Pride, which co-organized the event with local authorities.

      Rainbow flags are expected to ripple through the heart of Bangkok, with a “pride carpet” to be rolled out at a celebration to welcome the newlyweds, and performances by celebrities and drag queens.

      A dream comes true

      For some, such as Nina Chetniphat Chuadkhunthod, who will attend the mass celebration at the Siam Paragon shopping mall, the day feels long overdue.

      The transgender woman has not been able to marry her boyfriend of 22 years because she is unable to legally change her gender identity. But with same-sex marriage now being recognized, they can tie the knot.

      Chuadkhunthod and her fiancée held their wedding party three weeks ago. At a wedding hall on the outskirts of Bangkok, the couple walked down the aisle in locked arms, as bridesmaids sprinkled their path with rose petals amid cheers from friends and relatives. They plan to register their marriage on Thursday.

      “I felt the proudest moment of my life that I could do this and let people know, let the industry and friends around me know that I could do it,” she said.

      One factor adding particular urgency for the couple is the 7-year-old girl they have been raising as their daughter for three years. The girl is the daughter of Chuadkhunthod’s uncle, who is unable to look after her.

      They plan to adopt the girl and live a life as a family, but cannot do so without a valid marriage.

      “I had tears flowing from my eyes when we were thinking about our lives (without the same-sex marriage law). What if … I, or he, or even my daughter fell ill, who would look after us?” she said.

      But now, she said: “I can confidently say that I can do it, building a family of my own.”

      Philippine national Ana Boncan met her Thai girlfriend Siri Wattanavikij through a dating app six years ago when she was working in Europe. In 2020, Boncan moved to Bangkok to be with her.

      “With this opportunity to get legally married here in Thailand, it gives us the opportunity to have a marriage visa,” Boncan said.

      One thing on the couple’s mind is the possibility of one of them falling ill, and the other being barred from visiting or making life-and-death decisions due to the lack of a marriage certificate.

      “When we go to the hospital, I can tell them that this is my wife, this is my partner, she makes decisions for me, things like that. Unlike before, they wouldn’t accept it in the hospital,” Boncan said.

      The fight goes on

      But rights experts have warned Thailand may well be the last Asian jurisdiction to recognize same-sex marriage for some time, given the incremental progress elsewhere in the region.

      More than 30 jurisdictions worldwide now recognize same-sex marriage, according to the Pew Research Center, but most advances have been made in Europe, the Americas and Australasia.

      Thailand is the third in Asia to recognize same-sex marriage after Taiwan in 2019 and Nepal four years later.

      Back in Thailand, the fight for equal rights continues for other sexual minorities, such as transgender people.

      Rights advocate Hua Boonyapisomparn, from local advocacy group Foundation of Transgender Alliance for Human Rights, said the next milestone is for the Thai government to let transgender people change their gender identity.

      The country is home to an estimated 314,000 trans people, according to the Asia Pacific Transgender Network.

      There is a commonly held conception that trans people are widely embraced in Thailand, partly due to how accessible gender affirming surgery is in the country, and the prominence of trans entertainers.

      But local transgender people, including Chuadkhunthod, would testify to the day-to-day discrimination they face.

      “Even now, as a Thai person, they still look down on us, seeing us as a joke. They laugh and smile, nudging each other while looking at us,” she said.

      Parliament rejected a proposed gender recognition bill last February during the previous military-backed government led by Prayut Chan-o-cha. Activists are now trying to put it back on the political agenda.

      “We should use marriage equality as an opportunity to open another door for gender recognition,” Boonyapisomparn said.

      This post appeared first on cnn.com

      International pressure is mounting on Thailand – including from the new US administration – over the fate of dozens of Uyghur men held in detention for more than a decade, following reports the Thai government planned to deport the group to China.

      United Nations experts on Tuesday urged Thailand to “immediately halt the possible transfer,” warning the men were at “real risk of torture or other cruel, inhuman or degrading treatment or punishment if they are returned.”

      Concerns for the 48 men, who have been detained in Bangkok since 2014, are growing after a Uyghur activist shared a voice note from one of the detainees, who said the men had been on hunger strike since January 10 in a desperate protest against deportation.

      “We are desperately seeking help from those living in the free world,” the detainee said in a voice note that Hidayat published to Instagram. “You all know what will happen to us if we are sent back to China. This is our plea for help from your 48 brothers in Thailand.”

      The 48 men were arrested by Thai authorities 11 years ago after crossing the border to Thailand in an attempt to escape persecution in China. They were part of a larger group of about 350 people detained at the time, some of whom were minors, according to previous reports from UN experts, rights groups, and Uyghur campaigners.

      Five Uyghur detainees, including a newborn and a 3-year-old, have died in detention, the reports said.

      Human rights groups and campaigners say that in the years since, the men have been held in “in life-threatening conditions” without access to lawyers, family members or UN representatives. Human Rights Watch said the men were living in “squalid conditions with poor hygiene and inadequate medical care.”

      “We are informed that 23 of the 48 individuals suffer from serious health conditions, including diabetes, kidney dysfunction, paralysis of the lower body, skin diseases, gastrointestinal illnesses, and heart and lung conditions,” the eight UN experts said Tuesday. They include the UN special rapporteurs on torture and on migrants’ human rights, and other independent human rights experts appointed by the UN Human Rights Council.

      “It is essential they be provided with the necessary and appropriate medical care,” the UN experts added.

      Fears the 48 would be imminently transferred to Chinese custody arose on January 8 when Thai authorities reportedly gave the detainees “voluntary return” documents to sign, according to the Save Uyghur campaign. Detainees told the group their photos were taken and reported an increase in threats of deportation from officials in the immigration detention center.

      China’s Ministry of Foreign Affairs said Wednesday: “The matter involves judicial cooperation between two sovereign states.”

      UN experts should abide by the principle of the UN charter and “refrain from interfering with the judicial sovereignty of the member states … rather than making irresponsible remarks,” ministry spokesperson Mao Ning said at a regular press briefing.

      Long persecuted minority

      The predominately Muslim Uyghurs are a distinct ethnic minority from Xinjiang, a massive, nominally autonomous region in the far west of China.

      China’s repression of Uyghurs and other ethnic minorities in Xinjiang has been labeled “genocide” by the US and other countries, with widespread and credible reports of arbitrary detention, mass surveillance, forced labor and restrictions on movement – allegations China vehemently denies.

      A landmark 2022 report from the UN’s high commissioner for human rights said China had committed “serious human rights violations” against the Uyghurs, documenting what it described as arbitrary and discriminatory detention of members of Uyghur and other predominately Muslim groups.

      At the time, more than 1 million Uyghur and other Muslim minority peoples were estimated to be held in extrajudicial camps for “re-education” and indoctrination. Descriptions of detentions “were marked by patterns of torture or other forms of cruel, inhuman or degrading treatment or punishment,” the UN report found.

      China has fiercely denied committing rights violations. It has previously said it established such centers to counter “extremism” in the region, and has since said the facilities were closed.

      A letter from the 48 detainees dated January 10 said: “We urgently appeal to all international organizations and countries concerned with human rights to intervene immediately to save us from this tragic fate before it is too late.”

      Human Rights Watch said they face “risks of enforced disappearance, long-term imprisonment, torture, and other severe mistreatment,” if they are forcibly repatriated.

      Pressure on Thailand

      Among the prominent voices adding pressure on Thailand was US Secretary of State Marco Rubio, who told his Senate confirmation hearing ahead of being sworn in Tuesday that he would lobby Bangkok against deporting the Uyghur men.

      “Thailand is actually a very strong US partner, strong historical ally as well,” Rubio said. “That is an area where I think diplomacy could really achieve results because of how important that relationship (is) and how close it is.”

      Meanwhile, John Moolenarr, chairman of the House Select Committee on China, wrote a letter to Thailand’s Ambassador to the US last week expressing his alarm over the reports and urged the government to release the men to a third country.

      The UN experts also called on Thailand, which is a member of the UN Human Rights Council, to respect its obligations under international law.

      “The prohibition on refoulement prohibits the return or transfer in any manner whatsoever to a country where there is real risk of torture or other cruel, inhuman or degrading treatment or punishment,” they said.

      The Southeast Asian kingdom is not a party to the 1951 Refugee Convention and does not recognize the concept of asylum. Thailand has a history of pushing refugees back across its borders and of deporting dissidents.

      In 2015, Thailand deported 100 Uyghurs to China, sparking international outcry. The fate and whereabouts of those returned are unknown, UN experts said last year.

      In the same move, more than 170 Uyghur women and children were voluntarily transferred to Turkey. Many families were separated, including those of the men still in detention in Thailand.

      “We call for a prompt, effective investigation, and assessment of all the circumstances of the arrest and continued deprivation of liberty of this group of persons,” the UN experts said Tuesday.

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      Ciudad Juarez was meant to be a city of passage for Cabrera and his family, a final stop before their long-awaited moment in front of US immigration authorities to request asylum.

      For several months, Cabrera had been applying for a shot at having his asylum claim heard by US authorities, while navigating around southern Mexico. In early January, confirmation came that he had finally secured an appointment.

      But a day before the appointment, a stroke of President Donald Trump’s pen shut down the US immigration processing app known as CBP One – and with it, Cabrera’s hopes.

      “So much time waiting, and now this surprise,” Cabrera said with a voice of defeat. “They shut off our dreams.”

      Until Trump’s inauguration on January 20, migrants seeking asylum from violence or persecution had the option to schedule an appointment at a legal US port of entry to make their case.

      “We are left adrift, we have no resources left, we arrived in Juarez with money to pay for one night in a hotel,” the native Venezuelan said.

      Now, many are stranded with no money or any sense of what to do next.

      It was just below freezing in Ciudad Juarez on Monday when Cabrera realized what had happened, but he and his family decided to still try to explain the situation to US immigration authorities at the Paso del Norte bridge, which connects the Mexican city with the Texas city of El Paso.

      But they were quickly turned away. Cabrera and his family were instead directed to a local Mexican public agency for further guidance. There, they were given some warm soup, but got little information on how to pursue their case.

      ‘We did everything legally’

      Erlianny Colombie, 41, left Cuba seven months ago and had been living in the southern Mexico town of Tapachula along with three relatives.

      After finding a place to work and live in Tapachula, he applied for an appointment with US officials.

      But the travel and costs of obtaining paperwork stretched his resources to breaking point. “We had enough money for the night before our appointment (…) and now we are on the streets,” he said.

      Colombie – who says he fled Cuba due to political persecution – says he “understands” Trump’s decision but asks the president to reconsider for those who already had an appointment.

      “If we already were in the process, Mr. Trump, please continue with the scheduled appointments, don’t leave us here stranded,” he said.

      The sentiment is echoed by other migrants, who say they carefully followed the rules given to them by the United States, and deserve to be heard out.

      “Give us another opportunity,” Venezuelan migrant Rosalyn Vargas, 33, asked of Trump.

      “We came here for a brighter future, we are human beings, we did everything legally, we followed the process,” Vargas said from a shelter where she’s staying with other relatives.

      Who is helping the migrants at the border?

      Migrant shelters in Ciudad Juarez are taking in some of the migrants who have now been stranded.

      Casa del Migrante, a shelter about 10 miles from the border, says they are offering shelter, food and psychological help to migrants whose appointments were canceled.

      “They want a sign of hope, they want to know what’s going to happen with them, they had their appointment canceled, but is there another option,” Lopez said, adding that “thankfully, they have lawyers helping the migrants.”

      Some local officials have taken a blunter approach with migrants, underlining that it’s unrealistic to keep trying to reach the US.

      “They won’t obtain anything by trying at the crossing points hoping for the US to receive them,” he said.

      Serrano says Mexican city, state and federal officials are working together to address the migrant crisis in Ciudad Juarez and other border towns.

      “Migrants here should stay calm, there are no instructions for raids here on the Mexican side, the instructions we’ve been given is to give them proper treatment,” Serrano said.

      “Shelters in Juarez are at 40% capacity,” Serrano also said, noting that many Mexican border towns are expanding protective spaces in anticipation of mass deportations from the US.

      “Everything changed from one moment to another, we went from hope to desperation,” 23-year-old Fabian Delgado said from a shelter.

      This post appeared first on cnn.com