(Yicai Global) Dec. 4 -- Shares of GEM jumped after the Chinese electric vehicle battery material supplier said that it has renewed its cobalt deal with Switzerland-based Glencore International for another five years.

GEM's stock price [SHE: 002340] was at CNY5.28 (US 80 cents) by noon, up 5 percent.

The pair has penned another five-year agreement from 2025 to 2029 to increase the total provision to 138,000 tons of crude cobalt hydroxide, the Shenzhen-based firm said in a statement yesterday, without disclosing pricing details.

That means that the Baar-based company will supply at least 14,400 tons of cobalt hydroxide each year to the Chinese firm, which is more than the current deal provides.

The extended agreement will enable GEM to secure its cobalt supply over this decade, stabilize its market share, and enhance its core competitiveness, it added.

Editor: Emmi Laine