Toronto, March 10 India has drawn a huge response at the world's biggest mining conference here, with Ontario province signing a Memorandum of Understanding (MoU) with New Delhi to exploit India's mineral wealth.

Canada is the world leader in mining with cutting-edge technology in mining development, exploration and safety. More than 60 percent of the world's mining companies are listed on the Toronto Stock Exchange.

"Canada is the mining capital of the world. We will sign a MoU with India, the world's fastest growing economy. We know its importance for us," said Ontario Mining Minister Michael Gravelle. He was speaking at the 'India Day' function at the mining conference here on Tuesday.

Under the agreement, Canada will invest and provide know-how and equipment for mining in India.

"Canada is a one-stop shop in mining. The MoU will benefit India from the first to the last stage of its mineral development," said Canada-India Business Council (C-IBC) mining committee chairman Hemant Shaw, who is leading the largest-ever mining delegation to India in November this year.

"Global mining companies are waiting for India to legislate its new mineral policy. But when will the government announce it? It has been only talked about for four years," said Shah.

Lauding India for its new mineral policy, Jon Baird, president of the organisers Prospectors and Developers Association of Canada (PDAC) and who has been to India for about 30 times, said: "India is refining its mining laws, and I am very pleased about that. It has a bigger job, but it is doing its job."

Vijay Kumar, secretary in the Indian Ministry of Mines who has authored the new mining policy, said: "We have drawn very good response from the participants. The new policy will be tabled in Parliament this month, and is likely to become law by the end of the year. It will bring global mining players into India with their investment, know-how and technology."

Referring to India's mining partnership with Canada, Kumar said, "Canada has many strengths. India has strengths (like geological data). The MoU is ready and India's new mineral policy will strength our mining ties."

He said: "Potentially, India is sitting on rich mineral resources as its geology (of South India) is similar to that (of) western Australia and southern Africa which are rich in mineral resources. The new policy will help exploit this potential."

Apart from seven states governments and the Federation of Indian Mineral Industries, major Indian mining companies, including Hindustan Copper, Rio Tinto (India), National Mineral Development Corp and Anglo American, are participating in the global gathering.

About 300 major mining companies from around the world are taking part in the conference, which ends on Wednesday.