CANADA-MOU 2LST

"Ontario's expertise in mining is known around the world,
so we are natural and willing partners," Takhar said.
Top officials of the Ontario government, members of the
Indian mining delegation and Preeti Saran, the Consul General
of India, were among the dignitaries present on the occasion.
Indian government ministers will meet soon to consider
revamping a five-decade old mining law that tries to balance
the needs of investors with those of locals affected by the
industry, Sandeep K Nayak, a senior officer in the Ministry of
Mines said.
He said that a panel of ministers will meet on July 22 to
consider the proposed legislation, which seeks to make
companies share a quarter of their net profit with local
communities.
"We have even proposed 26 per cent equity shareholding
for land-losers," he said.
The Bill, which has been pending for two years, will have
to go through Parliament for approval.
India is initiating much-needed reforms to archaic laws
that have hampered private and overseas investors from tapping
the country's natural resources, and in particular, wants to
free up energy to power its booming economy, Handique said.
Handique will stop in Sudbury and Thunder Bay, as well as
Quebec, as part of his Canadian tour.
Officials from the Geological Survey of India, the Indian
Bureau of Mines, Mineral Exploration Corporation Ltd and
National Aluminium Company Ltd may accompany the Indian Mining
Minister on his travels. PTI BK
MYR


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