Azumah Resources Ghana Limited has dismissed reports suggesting that foreign investors have secured legal orders to take over the Black Volta Project, describing the claims as false and misleading.
In a statement issued on July 9, 2026, the company said publications by Semafor Africa and a similar report carried by Myjoyonline.com misrepresented the ongoing legal proceedings involving the project and created a false impression about ownership and control of the mining concession.
According to the company, there is currently no ruling by either the International Chamber of Commerce (ICC) arbitration tribunal or the High Court in London directing that control of the Black Volta Project be handed over to former investors, namely IGIC Pty, Cangol Pty and Azumah Resources Australia Limited.
The company acknowledged that the former investors had obtained an ex- parte order in June 2026 seeking a number of interim measures against Engineers and Planners (E&P), including access to project sites and control over certain digital systems and records.
However, Azumah Resources stated that the order was not enforceable until an application to set it aside had been heard by the court.
It said E&P had already filed an application challenging the order, while Azumah Resources Ghana Limited had submitted evidence supporting the application and affirming that the assets of the Black Volta Project remain under its control and management.
The company further rejected claims that E&P had failed to comply with the court order, insisting that such reports were inaccurate and should be disregarded.
Azumah Resources also argued that no court or tribunal could transfer the project’s mineral rights to any external entity because the concessions were granted by the Government of Ghana to Azumah Resources Ghana Limited, Upwest Resources Limited and Phoenix Resources Limited in accordance with Ghanaian law.
On the ownership dispute, the company said an ICC tribunal ruling delivered in September 2025 declined requests to reverse changes to shareholding structures and board appointments pending the final determination of the arbitration proceedings.
According to Azumah Resources, the decision effectively allowed the acquisition of shares in Azumah Resources Ghana Limited and Upwest Resources Limitdd by Engineers and Planners to remain in place while the broader dispute is resolved.
The company disclosed that E&P entered into a Framework Agreement in 2023 to acquire and develop the Black Volta Project for a total consideration of US$100 million.
It rejected reports that the agreement covered only equity interests, stating that the amount was intended to cover both debt and equity holdings held by the foreign investors.
Azumah Resources said the full US$100 million had since been paid to the former investors and that all funds held in Ghanaian bank accounts on behalf of the investors had also been transferred to their overseas accounts as requested.
The company further noted that following receipt of the payments, directors appointed by the foreign investors resigned from the board.
It, however, alleged that the former investors later initiated fresh proceedings before the ICC seeking additional payments beyond the terms of the agreements previously reached between the parties.
Azumah Resources said those claims are currently being contested.
The company maintained that the Black Volta Project remains under the control and management of Azumah Resources Ghana Limted, Upwest Resources Limited and Phoenix Resources Limted, while Engineers and Planners continues to operate solely in its capacity as shareholder.
It assured employees, contractors, suppliers and other stakeholders that project activities remain under the authority of the existing management structures and that development of the project is continuing.
