Toshiba and Kazatomprom Establish JV for Rare Metals
TOKYO, JAPAN, September 29, 2011—Toshiba Corporation (TOKYO: 6502) today announced that it has established a joint venture (JV) for rare metals, KT Rare Metals Company Limited Liability Partnership (LLP), with Joint Stock Company NAC Kazatomprom (Kazatomprom), the state-owned company responsible for promoting Kazakhstan's nuclear-related businesses. The JV was incorporated in Kazakhstan and has started operation.
Toshiba and Kazatomprom reached a basic agreement on establishing a JV in rare metals including rare earth elements in June 2010. The JV has now received all necessary approvals from the Kazakhstan government, allowing the JV to be incorporated and to start operation.
KT Rare Metals Company LLP combines Kazatomprom's expertise in such areas as rare metals extraction and production with Toshiba's experience in the development and manufacture of products and their sales and marketing. The JV will conduct global sales and marketing of products based on rare metals.
Separately, with the support of Japan Oil, Gas and Metals National Corporation (JOGMEC), an organization affiliated with Japan's Ministry of Economy, Trade and Industry (METI), Toshiba is investigating the establishment of processes for the effective recovery of rare metals including rare earth elements from uranium pregnant solutions at uranium extraction operations in Kazakhstan.
Looking to the future and in order to make full and effective use of its technologies for recovering rare metals including rare earth elements, KT Rare Metals Company LLP will study the extraction, marketing and sales of rhenium, used in superalloys for airplanes and gas turbines, and of certain rare earth materials used in motors for electric vehicles and hybrid electric vehicles. The JV will also consider carrying out surveys to identify further sources of rare metals in Kazakhstan, if such projects seem to hold promise, and seek to extend its business into new areas.
Outline of the joint venture
|Name:||KT Rare Metals Company Limited Liability Partnership|
|Capital:||KZT 750 million (approximately US$ 5 million)|
|Ownership:||Kazatomprom 51%, Toshiba 49%|