Canada's Ontario province ready to supply uranium to India

Canada's Ontario province ready to supply uranium to India

"From uranium and nickel to cobalt and potash, Ontario and the rest of Canada stand ready to supply India during its next industrial surge forward," Ontario Minister for Government Services, Harinder Takhar said on the occasion of signing a memorandum of understanding (MoU) between India and Ontario.

The MoU was signed by India's Mines Minister B K Handique and the Minister of Northern Development Mines and Forestry for the Ontario government, Michael Gravelle.
"It is a ...milestone in our efforts to identify opportunities for mutual benefit in the minerals sector," Gravelle said.

The pact follows signing of historic civil nuclear cooperation agreement on June 28 between India and Canada during Prime Minister Manmohan Singh's visit to Toronto. The agreement marked lifting of sanctions on nuclear trade with India, which had remained closed for 36 years.

Handique said the MoU with the Ontario province would promote Canadian investment in India's mining and mineral exploration and transfer of technology."We are formalising a framework of cooperation concerning geology and mineral resources, " he said.
Handique hoped that Joint Working Group would be formed to achieve greater economic cooperation.

He said India is initiating reforms to laws that have hampered private and overseas investors from tapping the country's natural resources. A group of ministers would meet on July 22 to consider the proposed legislation, which seeks to make companies share a quarter of their net profit with local communities.