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Morocco's Managem to supply Renault with cobalt for EV batteries

·1-min read
FILE PHOTO: A board with the logo of Renault is on display in Saint Petersburg

RABAT (Reuters) - Moroccan mining company Managem SA said on Wednesday it signed a deal to supply French carmaker Renault Group with low carbon cobalt sulphate, a key component for electric vehicle (EV) batteries.

Under this seven-year supply deal, Managem will supply Renault with 5,000 tonnes of cobalt sulfate annually starting from 2025.

Moroccan officials said the country, with the 11th largest reserves, was pushing to increase its cobalt output given higher demand from rechargeable batteries makers.

In January, Managem said it had agreed a deal with Glencore Plc for a proposed refining project at the Bou Azzer mine near Marrakech.

(Reporting by Ahmed Eljechtimi; Editing by Bill Berkrot)

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