Joint Kazakh-Japanese enterprise on production of rare and rare-earth metals established
ALMATY. 25.03.2010. KAZINFORM "Kazatomprom" National Atomic Company and "Sumitomo Corporation" Japanese Company signed document of establishment of joint enterprise "Summit Atom Rate Earth Company" (SARECO) that will work in the field of rare and rare-earth metals, Kazinform refers to the press service of Kazatomprom. The establishment of the SARECO is a practical realization of instructions of the Kazakh President given upon the results of the visit to Japan in 2008. The signing ceremony was held in Tokyo in the Japanese Ministry of Economy, Trade and Industry. From the Kazakh side the documents was signed by Chairman of the board of Kazatomprom Vladimir Shkolnik, from the Japanese side - by President of "Sumitomo Corporation" Susumu Kato. Kazakh Secretary of State - Foreign Minster Kanat Saudabayev and Japanese Minister of Economy, Trade and Industry Masayuki Naoshima took part in the ceremony. "Kazatomprom" National Company" JSC will posses 51% rate in the established JV, Sumitomo Corporation - 49%. The head office of the SARECO will be located in Ust-Kamenogorsk (Kazakhstan). The main purpose of the joint enterprise will be establishment of a vertically integrated company for production of rare-earth products with high added value. The enterprise will export and sales of goods as well. The SARECO is expected to start functioning in June, 2010.