India and Mongolia plan to begin formal talks this month on trading in uranium, a mineral abundant in the northeast Asian country.

Mongolia holds one of the world's largest reserves of uranium, which fuels nuclear plants that India is counting on to generate an ever-growing chunk of its energy pie.

But talks between New Delhi and Ulaanbaatar on the import of uranium by India have so far remained informal, partly because Mongolia lacks a clear regulatory framework for the sale of minerals to other countries.

Now, the two nations want to pull the shroud off those talks and begin formal discussions and negotiations on how India can buy and transport uranium from the land-locked country.

Mongolia is expected to seek more assistance from India in the use of nuclear medicine for cancer treatment at the meeting of the joint working group on civil nuclear cooperation.

With Mongolia, India has long eyed uranium trade as a potential pillar of strategic ties. India has set a target of generating 63,000MW of nuclear power by 2032 – it currently generates less than 10,000MW – and needs steady imports of uranium. (The Telegraph)