Toshiba to establish rare metal joint venture with Kazakh firm

(October 27, 2009)

TOKYO, JAPAN --Toshiba started to talk with Kazakh state-owned Kazatomprom about a joint venture related to rare metal with the aim of launching it by the end of the year. Both companies signed a memorandum on October 22.

The demand for rare metal produced from uranium mines is growing because it can be used for various energy-saving and environmentally conscious products. Both companies decided that the joint venture would create a synergy between Kazatomprom's mining and refining technology and Toshiba's manufacturing capability.

Both companies exchanged a memorandum in June last year to start discussing cooperation on the use of rare metal materials in the field of nuclear energy. The recent memorandum will allow them to take a further step and discuss the joint venture over a wider range of areas.