Moroccan mining company Managem 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 t/y of cobalt sulfate starting from 2025.
Moroccan officials said the country, with the eleventh-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 for a proposed refining project at the Bou Azzer mine near Marrakech.