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Managem and BMW sign 100 million euro contract

BMW has announced the signing of a contract for the supply of cobalt with Managem for an amount of around 100 million euros (more than MAD 1 billion). Cobalt is one of the raw materials used for battery cells. “The contract has a value of around 100 million euros,” said Andreas Wendt, member of the executive committee of BMW responsible for purchasing and the supplier network.

With this order, the German manufacturer will cover around a fifth of its cobalt requirements for the fifth generation of its electric trains. The company will also source from Australia for the remaining four fifths of its cobalt requirements. The contract between BMW Group and Managem Group spans five years (2020-2025). The two companies had already signed a memorandum of understanding on the direct purchase of cobalt in Morocco in Marrakech in January 2019. BMW had taken the decision to obtain supplies from certain groups so as not to be exposed to sanctions targeting manufacturers who use cobalt extracted from mines where children work.

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