TOKYO (Kyodo) -- Toshiba Corp. said Thursday it has established a joint venture for rare metals with JSC NAC Kazatomprom, Kazakhstan's state-owned company for nuclear-related business.
The joint venture, KT Rare Metals Co., is based in Astana, Kazakhstan, and is capitalized at $5 million put up 49 percent by Toshiba and 51 percent by Kazatomprom, according to the Japanese maker of electrical equipment.
KT Rare Metals will sell rare metals such as niobium used for superconductive equipment and tantalum applicable to capacitors, with sales targeted at 4 billion yen for fiscal 2015.
Kazakhstan is a supplier of rare metals now in growing demand worldwide.
