November 21, 2008

India invites Canadian investment in mining sector

ET reported that Indian government has invited Canadian investment in India's mining sector while announcing that new mining policy to encourage foreign participation in exploration and exploitation of minerals and metals will come out soon.

Ms Ajita Bajpai Pande joint secretary in union ministry of mines, while addressing at International Conference of Prospectors and Developers Association of Canada, said that "India seeks increasing presence of Canadian companies in the mining sector as it is the world leader in mining sector."

Ms Pande added that India has stepped up efforts to attract foreign investment in mining sector and the new mining policy that would be based on security of tenure, segmentation and unbuilding, seamlessness, sustainable development, global reporting initiative and mining infrastructure development would be announced soon.

Ms Sandra Pupatello Ontario minister for economic development said that the province would send a delegation to India in November 2008 to look into the prospect of investments in the country's mining sector.

India's top 20 public and private sector mining companies, the Geological Survey of India and the Botanical Survey of India participated in the conference that was attended by over 2,500 delegates from all over the world.