RF-Canada mining working group debate favorable investment climate

TORONTO, March 9 (Itar-Tass) -- The Russian-Canadian working group on
the mining industry had a meeting Tuesday as part of preparations for a next session of the Russian-Canadian intergovernmental economic commission due in June 2011. The working group considered the creation of the favorable investment climate, the improvement of the legislative basis, subsoil usage management, scientific ties and larger supplies of Canadian equipment for geological prospecting, production and processing of natural resources to Russia.
"The meeting confirmed the high level of Russian-Canadian cooperation
in the mining industry," the director of the department of state policy and regulation in geology and subsoil usage in the Russian Ministry of Natural Resources and Ecology Denis Khramov told Itar-Tass. "The sides exchanged actively the views on the development of the investment climate.
They noted mutually beneficial investments between the countries. The
working group also considered new provisions that will be included in the legislation to make Russia mostly attractive for foreign investors, including those from Canada," Khramov pointed out.
The working group also discussed concrete bilateral projects,
particularly Atomredmetzoloto's purchase of a stake in the leading
Canadian uranium producing company Uranium One and Kinross Gold's
investments in a gold deposit at the Kupol mine.
After the meeting of the working group Russian Deputy Minister of
Natural Resources Sergei Donskoy and his Canadian counterpart Serge Dupont discussed investments in Russian geological prospecting, the prospects for foreign investors, the operation of companies in hard-to-reach Arctic districts, the mineral reproduction and the efficient subsoil usage