Azumah Resources Pty Ltd has thrown down the gauntlet in the intensifying battle over the $100 million Black Volta Gold Project, challenging Engineers & Planners (E&P) to make a formal offer if they are genuinely interested in acquiring the mine.
In an exclusive interview on ABC Prime News on July 8, John Mason, Head of Corporate Affairs for Azumah and spokesperson for its shareholders, made it clear that no valid agreement exists between Azumah and E&P.
“We are in the process of selling it, so if they are interested, they can make an offer,” Mason stated.
“But as at now, we don’t have any agreement with E&P.”
Mason emphasized that E&P’s current claims of ownership are not grounded in any binding contractual arrangement.“Even though we don’t have any transaction or agreement with them, if they have the money, they can make an offer which the shareholder can consider,” he said, reiterating that Azumah remains open to legitimate proposals.
He further disclosed that the previous agreement between the two parties was terminated, leading E&P to initiate arbitration proceedings at the International Chamber of Commerce (ICC) — a move reflecting the ongoing dispute.
E&P, on the other hand, maintains that it lawfully acquired Azumah in October 2023 through a $100 million deal structured in two tranches of $50 million.
The company claims to have stepped in when Azumah was financially distressed and legally exposed, carrying debts exceeding $5 million owed to the Ghana Revenue Authority and the Minerals Commission.
It also said it began funding operations in November 2023, averaging $500,000 monthly, and appointed two board members by January 2024.
However, Azumah strongly refutes those assertions. In a separate public statement, the company described E&P’s claims as “unsupported by law or fact,” insisting no sale had taken place and that E&P holds no shares or enforceable rights to the project.
“This is about doing right by Ghana and Ghanaians,” said Mason. “The claims made by E&P in the press are not supported by law or by fact.”
Azumah further noted that while E&P initially proposed to invest $250 million, it has only contributed $4 million so far — a gap that raises serious doubts about the company’s financial capacity to handle a project of such national importance.
In response, Azumah has partnered with experienced international investors who, together, have developed over $10 billion worth of mining projects globally.
These new partners, the company said, are backing its Ghanaian-led effort to bring the Black Volta Mine into full-scale production.
The dispute shows no signs of slowing, with legal, commercial, and national resource implications hanging in the balance.
As both parties dig into their positions, what remains clear is that the future of the Black Volta Gold Project — and who controls it — will likely be decided not in boardrooms or press conferences, but in courtrooms and arbitration chambers.
By Ruth Sekyi
