India’s Mining Future: Canada’s Role

Minister Handique Discusses Mines and Minerals Development Act

Over 50 people attended a private luncheon hosted by the Canada-India Business Council on July 9, 2010 in honour of B.K. Handique, the Union Minister of Mines and Development, and heard what they wanted.

The Minister, in Toronto to sign a Memorandum of Understanding with the Government of Ontario, told the gathering that the new mining act provides for a simple, clear and transparent concession regime which encourages specialized exploration and allows full transferability of concessions. It also assures security of tenure. He referred to Canadians as “mining gurus” and said that excellent investment opportunities are available and that India welcomes Canada’s vast knowledge and experience in mining.  

Hemant Shaw of Cubex Ltd., Gold Sponsor of the event, introduced the Minister Handique and discussed  the  Minister’s excellent management of his portfolio. Silver sponsors were the Toronto Financial Services Alliance and the TSX.

The Minister pointed out that India’s economic growth has fueled a stable high demand for metals and minerals and that steels alone is growing at 11 per cent and that India is the world’s fifth largest market in steel. He also pointed out that diamonds are growing at 12 per cent, copper at 10 per cent and zinc at 10 per cent.

The Minister took questions from the audience at the end and new C-IBC members had an opportunity to network with Patrons and other Members.