Reuters reported that Toshiba Corporation aims to set up a rare metals JV by the year's end with Kazakhstan state owned firm Kazatomprom as growing sales of electric and hybrid cars spurs demand for the materials.

Toshiba which has teamed up with Kazatomprom on uranium mine development plans to expand their partnership to include rare metals, such as dysprosium, neodymium and rhenium byproducts of uranium production.

Neodymium, for instance is a key component used to make high power magnets in electric motors of hybrid cars, such as Toyota Motor Corporation's Prius and Honda's Insight.

Rare earth metals are used in a wide range of products from cell phones and laptops to generators for wind turbines and Japanese firms and the government are hurrying to secure reserves as China's appetite for the metals grows.

Toshiba and Kazatomprom which holds 10% of Toshiba's US nuclear unit Westinghouse, 2008 said that they would consider possible ways to work together on rare metals such as beryllium and tantalum for use in nuclear power plants.

(Sourced from Reuters)