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Morocco’s Managem to Supply Renault with Cobalt for EV Batteries

A board with the logo of Renault is on display near a car showroom in Saint Petersburg, Russia March 24, 2022. (Reuters)
A board with the logo of Renault is on display near a car showroom in Saint Petersburg, Russia March 24, 2022. (Reuters)
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Morocco’s Managem to Supply Renault with Cobalt for EV Batteries

A board with the logo of Renault is on display near a car showroom in Saint Petersburg, Russia March 24, 2022. (Reuters)
A board with the logo of Renault is on display near a car showroom in Saint Petersburg, Russia March 24, 2022. (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 tons 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.

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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)

Air France KLM faces a hit of about 10 million euros ($10.85 million) from last week's global technology outage, finance chief Steven Zaat said on Thursday.

The group is one of the first airlines to disclose a cost linked to the disruption, Reuters reported.

"The expectation is that it will cost us around 10 million (euros)," Zaad said in a press call, adding that KLM and Transavia bore the brunt of the disruptions while Air France was not seriously affected.

A software update by global cybersecurity company CrowdStrike triggered systems problems that grounded flights, forced broadcasters off air and left customers without access to services such as healthcare or banking last Friday.

Delta Air Lines has been the slowest among major US carriers to recover from the outage. The carrier has cancelled more than 6,000 flights since Friday and analysts estimate the hit to its bottom line could be in the hundreds of millions of dollars. ($1 = 0.9213 euros)