ISLAMABAD: Addressing the Senate session, Federal Law Minister Azam Nazeer Tarar stated that investment agreements are made by the government, and the Reko Diq project agreement was concluded with complete transparency, with Balochistan holding the primary right over it.
]He added that the National Finance Commission (NFC) Award will be finalised in consultation with all provinces, and nominations from provinces have already been received in line with the Prime Minister’s directive to complete the process within September.
The Minister noted that Prime Minister Shehbaz Sharif had strongly raised the issue of Palestine at the United Nations General Assembly, and that the Palestinian people have welcomed the Gaza peace initiative.
He underlined Pakistan’s commitment to democratic values, pointing out that Pakistan’s diplomatic role is being appreciated worldwide, while India faces increasing isolation on the global stage.
He further highlighted Pakistan’s pride in its defence agreement to safeguard the Haramain Sharifain.
Azam Nazeer Tarar also reaffirmed that the Pakistan Muslim League-Nawaz stands firmly with the 18th Amendment and has worked towards its implementation.
He clarified that the matter of mines and minerals is now a settled subject, and due to the Supreme Court’s intervention in the Reko Diq case, the federal government had to bear the burden of an eight-billion-dollar penalty.
The Reko Diq project, located in Chagai district of Balochistan, is among the largest undeveloped copper and gold reserves in the world.
Initially awarded in the 1990s, the project became the subject of prolonged legal disputes after the Supreme Court of Pakistan annulled the earlier agreement in 2013.
This cancellation led to international arbitration, where Pakistan was handed an $8 billion penalty.
The settlement reached in 2022 paved the way for a new agreement between the Government of Pakistan, the Balochistan Government, and international partners, ensuring a greater share for Balochistan.
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The project is now considered a flagship example of resource development under improved transparency, with commitments to local development, employment generation, and provincial benefit-sharing. It remains a symbol of both the opportunities and challenges linked to natural resource management in Pakistan.
