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The mixing effects of light and heavy rare earths in cubic Laves phase compounds Nd1-xHRxCO2 (HR = Gd, Tb) have been investigated by means of x-ray powder diffraction and magnetic measurements. In Nd1-xTbxCo2, the saturation moment M-S exhibits in anomaly and could be ascribed to an abrupt jump of the Co moment at a critical concentration x approximate to 0.33, whereas, in Nd1-xGdxCo2, M-S does not show such an anomaly and a relatively simple magnetic behaviour is observed at x(c) approximate to 0.43. The different behaviours of these two systems can be understood by considering the structural distortion of a cubic unit cell at low temperature. A field-induced metamagnetic transition from weak ferrimagnetism to strong ferrimagnetism is observed in both systems. This can be interpreted by the evolution of magnetization with the help of percolation theory. The compensation points are observed in both systems, which are well explained within the two-sublattice model. A double peak of the AC susceptibility observed in Nd1-xTbxCo2 near x(0) approximate to 0.19 does not necessarily mean the occurrence of a first-order phase transition. The observed second-order magnetic phase transition near x(0) can be well described by Landau theory of the phase transition.