Intriguing details are emerging about the raging controversy between Azumah Resources Ghana Limited; and Engineers & Planners Co. Limited (E&P) over the ownership of the $100 million Black Volta Gold Mine located in Wa in the Upper West Region.
Azumah Resources has declared that it was not party to any purported acquisition of black volta gold project by E&P, insisting it is still the whole owner of the mine.
“Azumah Resources Ghana Limited wishes to formally distance itself from a document currently circulating in the media, purported to be an invitation to a ‘Facility Agreement Signing Ceremony- E&P Acquisition of the Black Volta Gold Project’, scheduled to take place on 7th July 2025 at the Marriott Hotel.
“We categorically state that Azumah Resources has neither sold nor is in the process of selling the Black Volta Gold Project, in whole or in part, to any party whatsoever, including Engineers & Planners Company Limited (E&P) or any of its affiliates.
“Neither the Board of Directors nor the Executive Management of Azumah Resources has any knowledge of, or involvement in the said event. We have not entered into any form of acquisition agreements with any entity, nor have we authorized any third party to act on our behalf in this regard,” Azumah Resources indicated in statement issued on July 4, 2025.
The statement added that “The Black Volta Gold Project remains, wholly owned by Azumah Resources, and we reiterate our unwavering commitment to its development. Following the successful securing of financing from our shareholders, Azumah Resources has commenced preparatory works and is advancing toward full-scale construction activities on-site.
“We urge the general public, stakeholders, and the media to disregard the aforementioned invitation and any related documents, as they are not authorized by Azumah Resources and do not reflect our position or intentions.
“Azumah Resources remains focused on delivering the Black Volta Gold Project in line, with the highest standards of transparency. professionalism, and national development objectives. We appreciate the continued support of our partners, regulators, host communities, and the people of Ghana as we embark on this transformative project”.
Escalated dispute
The dispute over the gold mine escalated to the International Chamber of Commerce (ICC), where it is currently the subject of litigation.
While E&P has announced a $100 million Acquisition Facility Agreement with the ECOWAS Bank for Investment and Development (EBID), Azumah Resources claims it has terminated the sale agreement with E&P.
The $100 million facility secured by E&P was explicitly structured not only to fund the acquisition of the Black Volta Project but also to support infrastructure development, machinery procurement, and workforce training to advance the mine to full operation.
However, Azumah Resources, declared that it is now “in a position to proceed with construction at pace without E&P,” stating that it has worked “closely with our shareholders, the Government of Ghana, the Ministry of Lands and Natural Resources and the Minerals Commission” to secure all necessary regulatory authorisations and financing.
How it all started
The Government of Ghana granted a lease to Azumah Resources Ghana Ltd for a gold concession in the Upper West Region in 1992.
The company is owned by an Australian parent entity.
E&P Azumah
Between 1992 and 2022, Azumah failed to commence exploration activities—contrary to the terms of the lease agreement.
By 2022, Azumah had accrued debts in excess of $5 million to the Ghana Revenue Authority (GRA) and the Minerals Commission.
The GRA had obtained judgments from both the High Court and the Court of Appeal against the company and was preparing to auction its assets.
With the price of gold at a low point, Azumah’s shareholders sought to sell the project, passing on the risk to a new investor.
In May 2023, Azumah’s shareholders approached E&P with an offer to sell the project for $100 million.
E&P accepted the offer and the associated risks, despite internal valuations placing the project at under $80 million.
Agreement signed, timelines adjusted
The Project Acquisition and Development Agreement was signed by Azumah’s shareholders and E&P in October 2023.
Under the agreement, the entire $100 million was to be paid by June 2026, with the first payment due in June 2024 and the second in June 2026.
Subsequently, through an email exchange, the initial June 2024 payment deadline was amended to December 31, 2024.
In a July 23, 2024 email, James Wallbank of Ibaera Capital—representing the Azumah consortium—extended the EPC agreement and equity financing deadline to July 30, moved the financing deadline to August 30, and confirmed that the first payment milestone would now be December 31, 2024.
The fully executed agreement, however, only reached E&P in late November 2023, which hampered the company’s ability to secure funding from lenders.
E&P assumes operational control and injects millions
According to the agreement, E&P assumed operational control of the project and began financing the mine’s operations from November 2023, with the most recent expenses incurred as of June 30, 2025.
Despite delays, E&P continued injecting approximately $500,000 per month to sustain operations and renegotiated Azumah’s obligations to the GRA in order to prevent foreclosure.
Company documents show that E&P even paid Azumah staff salaries through June 2025—well after Azumah’s claimed termination of the agreement in December 2024.
E&P also appointed two representatives to Azumah Ghana’s Board of Directors in January 2024, in accordance with the agreement, and was responsible for raising the funds to develop the project.
The company also took steps to renegotiate outstanding liabilities.
Tensions escalate as demands for higher price emerge
The working relationship between the parties began to deteriorate in August 2024, when James Wallbank, a Director of Azumah who was not a signatory to the agreement, began demanding that the project’s price be increased from $100 million to $300 million.
His rationale was that the price of gold had increased by more than 100% since the agreement was signed in October 2023.
E&P rejected the new demand and insisted on adhering to the agreed value.
This led to a formal dispute and E&P initiated arbitration proceedings.
E&P seeks legal protection from Ghanaian courts
Frustrated by what it saw as unilateral actions by Azumah’s board—such as attempts to dissolve the project’s finance committee and marginalize E&P—Engineers & Planners turned to the Ghanaian courts for intervention.
In June 2025, the High Court of Ghana issued an interim injunction confirming that the agreement remained binding pending the outcome of arbitration.
The court restrained Azumah from selling the mine, raising new funds, or appointing new leadership without E&P’s consent.
The ruling acknowledged that E&P’s multimillion-dollar investment in the project would suffer “irreparable harm” if Azumah were to act unilaterally.
E&P had earlier filed an application in 2024 requesting the court’s permission to continue fulfilling its contractual obligations.
The High Court, in a ruling issued in June 2024, upheld E&P’s position and ruled that the alleged termination by Azumah had no legal effect, ordering that the status quo be maintained.
Continued investment despite dispute
In parallel, E&P had approached EBID in 2024 to secure a $100 million facility to pay Azumah’s shareholders.
EBID subsequently signed the agreement to provide the funds to E&P.
However, as the project’s value reportedly rose to over $300 million, Azumah’s shareholders allegedly demanded a new price—telling E&P, “If you don’t pay us $300 million, you can forget it”—even while continuing to receive funding from E&P.
Critics have questioned why Azumah, if it had indeed terminated the agreement in December 2024, why was it still receiving money from E&P to pay salaries and project costs as recently as June 2025.
