By Adnan Adams Mohammed
In a move to protect shareholder value and maintain market stability, the Board of Directors and Management of Azumah Resources Ghana Ltd have issued a definitive statement refuting recent media reports concerning a forced handover of the Black Volta Project.
The company clarified that its parent entity, Engineers & Planners Co Ltd (E&P), remains the rightful shareholder following the flawless execution of a US$100 million debt-and-equity acquisition, dismissing claims of a foreign investor takeover as legally inaccurate and misleading to the capital markets.
The controversy stems from publications by Semafor Africa and Myjoyonline.com, which suggested that a court order mandated the handover of the gold project to former investors, including IGIC PTY, Cangol PTY, and Azumah Resources Australia Ltd.
Noel Addo, Chairman of Azumah Resources Ghana Ltd, issued a stern denial of these claims.
“The publications are not only a concoction of facts but a misrepresentation of the legal proceedings between the Parties to the current dispute pending before the International Chamber of Commerce (ICC) and the High Court in London,” Addo stated. “There is no order by any Arbitration Tribunal or High Court ordering that the Black Volta Project be handed over to the former investors.”
Clarifying the Legal Standpoint
Addressing the legal nuances, Azumah Resources confirmed that while the former investors filed an ex parte order on June 10, 2026, requesting E&P to cease operations and restore administrative control, this order is currently unenforceable. The order itself explicitly allows E&P a 14-day window to apply to have it set aside a step E&P has already taken.
Azumah Resources Ghana Ltd has filed a supporting statement confirming that all project assets remain firmly under its own custody and control. The High Court in London has yet to set a date for the hearing.
Furthermore, management highlighted strict domestic legal protections surrounding the assets. Mineral rights for the concession were leased directly to Azumah Resources Ghana Ltd, Upwest Resources Ltd, and Phoenix Resources Ltd by the Government of Ghana.
“No Tribunal or Court can make an order for the mineral rights and concession to be handed over to any person contrary to the provisions of the 1992 Constitution and other applicable laws,” Addo affirmed, providing a layer of constitutional assurance to current investors.
The $100 Million Acquisition
A central pillar of the dispute involves the financial mechanics of E&P’s takeover. Contrary to media claims that the 2023 Framework Agreement covered only equity, Azumah Resources provided evidence that the $100 million payment was specifically structured to clear both debt and equity.
According to company records, lawyers for the former investors confirmed via email in August 2025 that “the total purchase price for the loans and the shares is $100 million.” E&P subsequently paid this amount in full. Additionally, all local funds held in the Ghana accounts of Azumah Resources were returned to the foreign investors’ overseas accounts, prompting the immediate resignation of the directors they had appointed.
Despite this settlement, the foreign investors have since filed a new claim at the ICC demanding additional payments a move Azumah Resources is actively defending against.
ICC Ruling Backs E&P
Investor confidence is further bolstered by a previous International Chamber of Commerce (ICC) Arbitral Tribunal award delivered on September 19, 2025. The Tribunal explicitly declined to grant relief that would reverse or unwind corporate decisions, such as changes to shareholding or director appointments.
By refusing to unwind these corporate decisions, the Tribunal effectively validated E&P’s acquisition of the shares in Azumah Ghana Ltd and Upwest Resources Ltd.
“The Black Volta Project remains under the control and management of the Board of Directors and Management of Azumah Resources Ghana Ltd, Upwest Resources Ltd, and Phoenix Resources Ltd,” Addo concluded in the statement. “Engineers & Planners only remained the Shareholder of the Company and continued to exercise its rights as Shareholder.”
As the legal proceedings continue in London, domestic operations remain unhindered, with local management retaining full oversight of the project’s development.
