Sumitomo Corp. to Form Venture With Kazatomprom

Aug. 12. Bloomberg

By Fergus Maguire

Sumitomo Corp. to Form Venture With KazatompromSumitomo Corp. will form a venture this year with Kazatomprom, the Kazakhstan government-owned nuclear power company, to produce rare-earth metals, Nikkei English News said, without citing anyone.

Annual output is expected to reach 3,000 tons in 2010, the report said. Sumitomo is seeking to increase its supply of the metals used in hybrid and other environmentally friendly vehicles, the report said.

Separately, Toyota Motor Corp.’s Toyota Tsusho unit plans to spend 40 billion yen ($417 milllion) to develop resource supplies, mainly rare earths, over the next five years, the report said.