The itinerant electron metamagnetism (IEM) is an essential physical concept, describing magnetic properties of rare earth – transition metal (R-TM) intermetallics, demonstrating technologically important giant magnetoresistance and magnetocaloric effects. It considers an appearance of TM magnetization induced by spontaneous magnetization of surrounding R atoms, which provides significant response of the magnetic and transport properties on variation of external parameters (temperature, pressure, magnetic field) due to strong coupling between magnetic sublattices. The RCo2 compounds were generally considered as model systems for understanding of basic properties of IEM intermetallics. However, microscopic nature of magnetic properties still remains unclear. In our experimental and theoretical study of ErCo2 in a wide range of thermodynamic parameters a sequential collapse of cobalt sublattice magnetization in the background of nearly unchanged Er sublattice magnetization was revealed. The uncoupled magnetizations behavior challenges the IEM concept applicability and evidences more complex nature of magnetism in ErCo2 and related RCo2 systems.