India, Ontario sign MoU for cooperation in mining sector

Bal Krishna
Toronto, July 9 (PTI) India and Ontario, Canada's richest
province, signed a historic Memorandum of Understanding (MoU)
on Thursday 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 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 said.
Harinder Takhar, the Ontario Minister for Government
Services, said: "The MoU signed today 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. MORE
PTI BK
MYR


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