Contemporary Amperex Technology, a company engages in the research, development, manufactures, and sale of EV battery and energy storage battery systems, agreed to acquire a 24.68% stake in China Molybdenum, a firm engaged in the mining and processing smelting, deep processing, trade, research, and development of molybdenum, tungsten, copper, gold, and other precious and base metals, for $913m. The move comes as battery producers and new energy vehicle makers rush to secure battery raw materials resources like lithium, cobalt and nickel amid the rapid development of the new energy sector.