Azumah Resources Ghana Ltd has strongly dismissed reports suggesting that foreign investors have regained control of the Black Volta Project, describing recent publications on the ownership and legal status of the flagship mining venture as inaccurate and misleading.
In a detailed statement issued on July 9, the company's Board and Management said reports published by Semafor Africa and echoed by Myjoyonline.com had misrepresented ongoing legal proceedings before the International Chamber of Commerce (ICC) and the High Court in London.
The company insisted there is no court order requiring the transfer of the Black Volta Project to former investors and sought to reassure employees, suppliers, contractors and other stakeholders that operations remain under the authority of the project's current management.
"We will want to assure the general public, staff, third party suppliers and other stakeholders of the Black Volta Project that the stories published are false," the statement said.
Company disputes takeover narrative
At the heart of the disagreement is the ownership and control of one of Ghana's most anticipated gold mining projects.
Azumah Resources argues that neither the ICC tribunal nor the English High Court has issued any ruling directing that the mining concessions or operational assets be handed back to IGIC Pty, Cangol Pty or Azumah Resources Australia Ltd.
Instead, the company said reports suggesting Engineers & Planners Co. Ltd. had ignored a court directive were based on an interim application that remains unresolved.
According to the statement, the former investors secured an ex parte order in June seeking several interim measures, including preventing Engineers & Planners from accessing the mine sites and restoring administrative control over company digital systems.
However, Azumah Resources noted that the same order clearly states it is not enforceable until any application to set it aside has been heard.
"E&P has applied to set aside the said order and that application is yet to be determined," the company explained.
It added that Azumah Resources Ghana has itself filed evidence supporting the application, maintaining that all project assets remain under its own custody and control.
Mineral rights remain protected
Beyond the legal arguments surrounding corporate ownership, Azumah Resources stressed that Ghana's mining laws provide another layer of protection.
The company said the Black Volta concessions are legally held by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd under mineral rights granted by the Government of Ghana.
Because those mineral rights are governed by Ghanaian law and the Constitution, the company argued that no foreign court or arbitration panel could simply order their transfer to another entity.
"In any event, no such order can be made because the mineral rights in the concession have been leased... by the Government of Ghana," the statement noted.
That distinction, the company believes, separates corporate disputes from ownership of the underlying mining concessions.
Azumah Resources also relied on an earlier interim decision delivered by the ICC tribunal in September 2025.
According to the company, the tribunal declined requests to reverse changes in shareholding, board appointments or other corporate decisions while arbitration continues.
The ruling stated that granting such relief at the interim stage "would risk overstepping the interim nature of the present measures."
Azumah interprets that decision as confirmation that Engineers & Planners' acquisition of shares in Azumah Ghana and Upwest Resources remains intact pending the final determination of the dispute.
Company outlines $100 million transaction
The statement also sought to clarify the commercial arrangements that led to the current disagreement.
Azumah said Engineers & Planners signed a Framework Agreement in 2023 to acquire the Black Volta Project for US$100 million, rejecting suggestions that the amount covered only equity.
According to the company, the agreement expressly included both debt and equity interests held by the foreign investors.
It further disclosed that, after negotiations, both sides reached a settlement confirming that the US$100 million represented payment for the loans and shares.
The company quoted correspondence from August 2025 in which lawyers for the former investors allegedly confirmed that "the total purchase price for the loans and the shares is $100 million."
Azumah said Engineers & Planners subsequently paid the agreed amount in full and also returned funds held in Ghanaian bank accounts to the foreign investors, after which directors appointed by the investors resigned from the company's board.
Despite receiving those payments, Azumah claimed the investors later initiated fresh proceedings before the ICC seeking additional compensation.
The company said those claims are being vigorously contested.
Project development continues
While arbitration proceedings continue, Azumah Resources insists the Black Volta Project remains operationally unchanged.
The company said the project's concessions continue to be managed by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, with Engineers & Planners acting as shareholder while development activities proceed.
"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," the statement concluded.
Although the legal battle remains active before international arbitration and the English courts, Azumah Resources maintains that reports suggesting a takeover by former foreign investors do not reflect the current legal position. The dispute, for now, continues to unfold through the courts rather than at the mine site.
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