REFILE-UPDATE 3-Canada firms to capitalize on nuclear trade with India

Tue Nov 6, 2012 2:46pm EST
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* Agreement paves way for end of Canadian ban

* However, legal review, translation, signing still required

* Uranium producer Cameco heartened by big market opening up

* SNC Lavalin sees India designating site for Candu reactors

By Randall Palmer

NEW DELHI, Nov 6 (Reuters) - Canadian firms will be able to export uranium and nuclear reactors to India for the first time in almost four decades under an agreement between the two nations, their prime ministers said, but more work is needed to implement the deal.

Once implemented, the agreement will end a ban on nuclear cooperation Canada imposed in 1976 after India secretly exploded its first nuclear bomb in 1974, commonly called the "Smiling Buddha", using material from a Canadian-built reactor in India.

"Being able to resolve these issues and move forward is, we believe, a really important economic opportunity for an important Canadian industry, part of the energy industry, that should pay dividends in terms of jobs and growth for Canadians down the road," Canadian Prime Minister Stephen Harper said on Tuesday on a visit to New Delhi.   Continued...