Engineers & Planners (E&P) has responded strongly to what it describes as “false and misleading narratives” surrounding its $100 million acquisition of Azumah Resources Ghana Ltd, an Australian-owned mining company with a gold concession in Ghana’s Upper West Region.
The company asserts that the acquisition was executed within the bounds of law and commercial integrity and represents a landmark moment for Ghanaian ownership in the large-scale mining sector.
In a statement released on Tuesday, July 8, E&P explained that it acquired Azumah in October 2023 for $100 million, despite significant financial and operational risks.
The company pointed out that Azumah had held the lease since 1992 but failed to develop the concession for over 30 years and had accumulated debts of over $5 million to the Ghana Revenue Authority (GRA) and the Minerals Commission by 2022.
“Let’s be clear, we stepped in when the company was financially distressed, legally exposed, and operationally stagnant,” the statement emphasized.
“We accepted the risk others avoided, including judgments from the High Court and the Court of Appeal. This was not a political favour. It was a commercial rescue.”
The acquisition, signed on October 9, 2023, was structured in two instalments of $50 million, with the initial payment deadline later extended to December 31, 2024, by mutual agreement.
E&P began funding the mine’s operations from November 2023, averaging $500,000 per month, and by January 2024, had appointed two directors to Azumah’s board—actions in full compliance with the acquisition agreement.
However, in August 2024, tensions arose when Azumah director James Wallbank demanded the purchase price be tripled due to rising global gold prices.
The disagreement led to arbitration and a High Court case.
In June 2025, the High Court ruled that Azumah’s attempt to unilaterally terminate the agreement was invalid, affirming E&P’s legal position in the ongoing dispute.
