Yury Trutnev, Russian Minister of Natural Resources, visited Canada in December, 2006. During his visit he held talks with his Canadian counterpart, the Honourable Gary Lunn, Minister of Natural Resources as well as participated in the meetings with the Canadian business circles and met with Gail Beggs, Deputy Minister of Natural Resources of the Government of Ontario.

During the meeting with Minister Lunn on the 5th of December, the two sides exchanged their opinions on further cooperation between Canada and the Russian Federation in exploration, development and efficient use of natural resources, stated that development of natural resources is one of the key sectors of both Russian and Canadian economies. Both Ministers informed each other on the present situation and major fields of natural resources development in the two countries and also steps taken to strengthen international cooperation in this sphere.

In particular, Minister Trutnev briefed his Canadian counterpart on the improvement of the legislation frameworks of the use of natural resources in the Russian Federation and the measures taken to improve the investment climate in Russia. There was expressed interest in speedy establishment of the processing capacities, including by means of creating safe and stable economic grounds. He also informed Minister Lunn on the important problems of the mineral base reproduction and potential ways of foreign investors' participation in this process and recognized profound experience and high expertise of relevant Canadian companies.

The Canadian side showed comprehension of Russia's pending problems in development and modernization of the natural resource sector and expressed readiness to promote processes stimulating progress in this field. It was mentioned, that Canadian companies are interested in their efficient operation in Russia especially in the context of successful solution of the current problems in the use of natural resources mentioned by the Russian Minister. From Canadian perspective, Russian experts and managers have sufficient expertise and skills to successfully carry out modernization of natural resource at the system level.

Concluding, the sides stated that this meeting, as well as the other official events of Minister Trutnev's visit to Canada successfully enhanced and enlarged practical sphere of the two countries' collaboration in the use of the natural resources on the mutually beneficial basis.

During the meeting in Toronto with Deputy Minister of the Government of Ontario the two sides discussed Canadian and Russian experience in the fields of sharing the responsibilities between federal and regional authorities to manage the natural resources and regulation of economic activities in the forestry sector, organizing and managing national parks and forest preserves.

During his stay in Toronto (5th-6th of December) Minister Trutnev had two personal meetings with CEOs of biggest Canadian mining companies Kinross Gold and Barrik Gold. Also he participated in the working lunch with the Canadian business leaders. At the event organized by the Canada Eurasia Russia Business Association (CERBA) were represented following Canadian companies: Petro-Canada, SNC-Lavalin, Hatch Associates, High River Gold Mines Ltd., Kinross Gold Corporation, Barrick Gold Corporation, Stans Energy Corp., McDougal McDougal and McTier.

The key issues discussed by the attendees were the prospective amendments to the Russian legislation implying the restrictions for access to the Russian strategic raw materials deposits. Russian minister explained how proposed regulations would define strategic and non-strategic assets and how it would determine the rules by which foreign companies can develop deposits.