Azumah Resources Ghana Ltd has categorically rejected media reports alleging that an international arbitration tribunal or a foreign court has ordered the Black Volta Project to be handed over to former foreign investors, describing the publications as false, misleading and a complete misrepresentation of ongoing legal proceedings.
In a statement signed by its Chairman, Noel Addo, the company said the reports were “a concoction of facts” that distorted the legal proceedings currently pending before the International Chamber of Commerce (ICC) Arbitration Tribunal and the High Court in London.
The company assured the public, employees, suppliers and all stakeholders connected to the Black Volta Project that the reports did not reflect the true legal position and urged them to disregard the publications.
No court ordered takeover of Black Volta Project
According to the statement, there is no order from either the ICC Arbitration Tribunal or the High Court in England directing that the Black Volta Project be handed over to former investors—IGIC Pty Ltd, Cangol Pty Ltd and Azumah Resources Australia Ltd.
Azumah Resources challenged those behind the reports to produce any court order or arbitral award requiring such a transfer.
The company explained that what exists is an ex parte application filed on June 10, 2026, by the former investors seeking interim relief against Engineers & Planners (E&P).
According to the statement, the application sought orders directing E&P to cease interfering with the Black Volta and Sankofa mine sites, restore access to certain operational assets, and return administrative control of the company’s Office365 email server and domain.
However, Azumah Resources emphasised that the ex parte order itself expressly stated that E&P had the right to apply within 14 days to have it set aside and that the order would not be enforceable until such an application had been heard by the court.
The company disclosed that E&P had already filed an application to set aside the order, which remains pending before the High Court in England.
Azumah Resources further stated that it had filed its own supporting statement in the proceedings, confirming that all assets of the Black Volta Project remain under the custody, possession and control of Azumah Resources Ghana Ltd and not any other entity.
According to the statement, the High Court has not yet fixed a hearing date for the application.
For that reason, the company described media reports suggesting that E&P had failed to comply with a court order as “inaccurate and misleading.”
Mineral rights remain protected under Ghanaian law
The company further maintained that no foreign court or arbitration tribunal could lawfully order the transfer of the project’s mineral rights because the concessions were granted by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
According to the statement, the mineral rights remain protected under the 1992 Constitution and Ghana’s mining laws, making any purported order transferring the concessions legally impossible.
ICC ruling did not reverse E&P share acquisition
Addressing claims regarding ownership of the project, Azumah Resources said the ICC Arbitration Tribunal, in an interim award delivered on September 19, 2025, specifically declined requests to reverse corporate decisions relating to shareholding, board appointments and management changes.
The statement quoted the tribunal as holding that unwinding changes in shareholding or company management would not be appropriate at the interim stage of the arbitration.
According to Azumah Resources, the decision effectively left intact Engineers & Planners’ acquisition of the shares in Azumah Resources Ghana Ltd and Upwest Resources Ltd.
Company explains $100m acquisition agreement
Providing what it described as the true background to the dispute, Azumah Resources said Engineers & Planners entered into a Framework Agreement in 2023 to acquire and develop the Black Volta Project for $100 million.
The company rejected reports suggesting the agreement related only to equity ownership.
Instead, it stated that the agreement expressly covered both the debt and equity interests of the former investors in Azumah Resources Ghana Ltd and Upwest Resources Ltd.
According to the statement, the agreement provided that in consideration of the $100 million payment, IGIC, Azumah Resources Australia and Cangol agreed to transfer all their interests—both debt and equity—in the companies.
Azumah Resources further disclosed that after disputes later arose between the parties, they negotiated a settlement agreement reaffirming that the $100 million represented payment for both the loans and shares.
The company said this position was confirmed in correspondence dated August 15, 2025, in which lawyers representing the foreign investors acknowledged that the total purchase price for the loans and shares was US$100 million.
According to the statement, Engineers & Planners subsequently paid the full amount.
Foreign investors refunded all Ghana-held funds
The company also disclosed that the former investors requested that all monies held in Ghanaian bank accounts belonging to Azumah Resources Ghana Ltd be transferred to their overseas accounts.
It said those requests were honoured and all funds were transferred.
Following receipt of the payments, the statement added, all directors appointed by the foreign investors resigned from the board of Azumah Resources Ghana Ltd.
However, Azumah Resources alleged that despite receiving the agreed payments, the former investors subsequently initiated fresh arbitration proceedings before the ICC seeking additional payments beyond the terms of the settlement agreements.
The company said those claims are currently being contested.
Project remains under existing management
Azumah Resources maintained that the Black Volta Project continues to be owned and managed by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
According to the statement, the three companies remain the holders of the mining concessions granted by the Government of Ghana and continue to oversee the development of the project.
The company added that Engineers & Planners remains a shareholder and continues to exercise its rights strictly in that capacity.
Azumah Resources reiterated that the legal disputes remain before the ICC Arbitration Tribunal and the High Court in England and urged stakeholders to disregard what it described as inaccurate media reports while awaiting the outcome of the judicial and arbitral processes.
