Azumah Resources Ghana Ltd has dismissed reports claiming that foreign investors have taken over the Black Volta Project, describing the publications as false and a misrepresentation of ongoing legal proceedings.
In a press statement issued on Thursday, July 9, and signed by Board Chairman Noel Addo, the company said publications by Semafor Africa and Myjoyonline.com wrongly suggested that the Black Volta Project had been handed over to former investors.
The company assured staff, suppliers and other stakeholders that the reports were false and that the project remains under the control of its current management.
Company says no court ordered transfer of project
Azumah Resources said no arbitration tribunal or High Court has ordered that the Black Volta Project be handed over to IGIC PTY, Cangol PTY or Azumah Resources Australia Ltd.
According to the company, the former investors obtained an ex parte order on June 10, 2026, seeking, among other things, to restrain Engineers & Planners (E&P) from interfering with the Black Volta and Sankofa mine sites, restore access to company email systems and return administrative control of certain digital assets.
However, Azumah Resources said the same order clearly states that E&P has the right to apply for it to be set aside within 14 days of service and that the order cannot be enforced until that application has been heard.
The company said E&P has already filed an application to set aside the order, while Azumah Resources Ghana Ltd has filed a supporting statement confirming that all assets of the Black Volta Project remain under its control, custody and possession. It added that the High Court in England is yet to fix a hearing date.
Azumah Resources also described reports suggesting E&P had failed to comply with the court order as inaccurate and misleading.
It further argued that the mineral rights for the concession were granted by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, adding that no tribunal or court can lawfully transfer those rights contrary to Ghana’s Constitution and applicable laws.
Company cites ICC tribunal decision
The company also referred to an interim award delivered by the International Chamber of Commerce tribunal on September 19, 2025.
According to Azumah Resources, the tribunal declined to reverse changes to the companies’ shareholding or board appointments, saying such relief would go beyond the interim nature of the proceedings.
The company said the ruling effectively confirmed Engineers & Planners’ acquisition of shares in Azumah Ghana Ltd and Upwest Resources Ltd.
Azumah defends $100 million acquisition agreement
Azumah Resources said Engineers & Planners signed a Framework Agreement in 2023 to acquire and develop the Black Volta Project for a total of $100 million.
The company rejected claims that the agreement covered only equity, insisting the payment was for both the debt and equity interests held by the former investors.
According to the statement, the parties later negotiated a settlement agreement confirming that the $100 million covered both the loans and shares. The company said Engineers & Planners subsequently paid the full amount, while all monies held in Azumah Resources Ghana’s local bank accounts were returned to the foreign investors.
Azumah Resources added that after receiving the payments, all directors appointed by the investors resigned from the board. It said the foreign investors later initiated fresh claims before the ICC seeking additional payments, which the company is defending.
Project remains under current management
Azumah Resources concluded that the Black Volta Project remains under the control and management of the boards of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
It added that Engineers & Planners remains the shareholder and continues to exercise its rights as a shareholder while the legal proceedings continue.Press-release-Azumah-Resources-Gh-9th-July-2026
