Shares of China Molybdenum Co. (CMOC) soared 5.10% on Wednesday, as the mining giant's control over a significant portion of the global cobalt supply fueled investor optimism about its pivotal role in China's electric vehicle (EV) ambitions.

According to the report, CMOC has gained control of more than a third of the world's cobalt supply, a critical mineral used in EV batteries. The company's rapid rise is closely linked to China's leading position in the EV and battery industry, with the world's largest EV battery maker, CATL, holding a substantial stake in CMOC and having representation on its board.

CMOC's dominance in cobalt mining has raised concerns among U.S. officials, who accuse the company of flooding the market to make it harder for others to invest in cobalt production. However, CMOC denies any predatory conduct, stating that its increased output is a byproduct of higher copper production, and that cobalt-free battery chemistries are on the rise.