May. 24, 2013 (China Knowledge) - TDK Corporation, one of the largest electronic components manufacturers in the world, has said that it will set up a joint venture with Rising Nonferrous Metals Co Ltd<600259> and Tokai Trade Co in China, sources reported.

With registered capital of US$33 million or RMB 203 million, the new JV will produce magnet for electric motor.

TDK will have a 59% stake in the JV, while Rising Nonferrous Metals and Tokai Trade own 37% and 4%, respectively.

As the only qualified rare earth mining company in Guangdong province, Rising Nonferrous Metals Co realized RMB 2.38 billion in operation revenue last year, including RMB 2.17 billion from its rare earth business.