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India, Ontario sign MoU for cooperation in mining sector

India and Ontario, Canada's richest province, signed a historic Memorandum of Understanding on July 8 to boost cooperation and investment in the field of geology and mineral resources.

world Updated: Jul 09, 2010 11:43 IST

India and Ontario, Canada's richest province, signed a historic Memorandum of Understanding (MoU) on July 8 to boost cooperation and investment in the field of geology and mineral resources.

The MoU was signed between India Mines Minister B K Handique and the Minister of Northern Development Mines and Forestry for the Ontario government, Michael Gravelle, in the presence of dignitaries from India and Canada.

Speaking on the occasion, Handique said that "the MoU will promote Canadian investment in the fields of mining and mineral exploration and exploitation and will encourage and foster mining investment, transfer of technology and joint ventures."

"Indeed, it is a happy occasion. We are formalising a framework of cooperation concerning geology and mineral resources on subjects of mutual interests," Handique added.

Handique, who is in Canada as part of efforts to attract Canadian mining companies to India, said: "We look forward to work with Ontario constructively for early realisation of the MoU's objectives by formation of Joint Working Group and initiating the action in a definite timeframe."

Gravelle said the MoU recognised that Ontario and India have mutual interests in the mining sector, including geosciences development, mineral exploration, mine development, mine rehabilitation, health and safety and value-added processing.

He said the MoU will provide a solid framework for Ontario and India to strengthen existing business relationships and develop new ones.

"It is a significant milestone in our efforts to identify opportunities for mutual benefit in the minerals sector," Gravelle added.

Harinder Takhar, the Ontario Minister for Government Services, said: "The MoU signed will enable Ontario's strengths and capabilities to be deployed to help India transform its mines and mineral sector and encourage Indian investment in Ontario."

"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. Especially in the diamond sector, it serves everything from Bollywood films to the latest fashion, which creates demand for more cut and polished diamonds worldwide," Takhar added.

Commending India's economic growth, Takhar said that it has been remarkable and demand in India for Ontario base metals would soar in coming years as would the need for the Canadian province's long-standing expertise in mining practices and entrepreneurship, as well as metallurgy.