No Foreign Takeover of Black Volta Project – Azumah Clear Air

The Board and Management of Azumah Resources Ghana Ltd have issued an emphatic denial of media reports suggesting that foreign investors have legally taken over the Black Volta Project, describing the publications as a “concoction of facts” and a dangerous misrepresentation of ongoing legal proceedings.

In a press release signed by Chairman Noel Addo, the company directly challenged the credibility of reports carried by “Semafor Africa” and Myjoyonline.com, which alleged that an international arbitral tribunal had ordered the multi-million-dollar gold concession to be handed over to former foreign investors.

“There is no order by any Arbitration Tribunal or High Court ordering that the Black Volta Project be handed over to the former investors,” Mr. Addo declared. “We challenge those behind the publication of this falsehood to produce any order or award which requires that the Black Volta Project should be handed over to the former investors.”

The company’s statement comes amid growing public concern over the status of the project, which holds significant strategic and economic importance for Ghana’s mining sector.

Legal Position

Azumah Resources acknowledged the existence of a dispute before the International Chamber of Commerce (ICC) and the High Court in London but stressed that the media reports had distorted the facts.

The company revealed that an Ex parte Order filed by the former investors—IGIC PTY, Cangol PTY, and Azumah Resources Australia Ltd—on June 10, 2026, is merely an interim application and remains unenforceable.

“The said Ex parte Order stated categorically as follows: E&P may apply to have this Exparte order set aside within 14 days after service of this order and the Exparte order is not enforceable until an application to set same aside has been heard by the court,” the release clarified.

Azumah Resources confirmed that Engineers & Planners (E&P) has since applied to set aside the order, and the High Court of England has yet to fix a date for the hearing of that application. The company further noted that it has filed a Statement in support of E&P’s application, confirming that all assets of the Black Volta Project remain firmly in its possession.

Safeguards

In a pointed rebuke to the narrative of foreign takeover, Azumah Resources invoked Ghana’s supreme law, reminding the public that the mineral rights in the concession were legally leased to Azumah Resources Ghana Ltd, Upwest Resources Ltd, and Phoenix Resources Ltd by the Government of Ghana.

“No Tribunal or Court can make an order for the mineral rights and concession to be handed over to any person contrary to the provisions of the 1992 Constitution and other applicable laws,” the statement read.

Addressing the corporate structure, the company cited an ICC Tribunal award delivered on September 19, 2025, which declined to reverse corporate decisions regarding shareholding. According to Azumah Resources, this ruling effectively confirmed the acquisition of shares by Engineers & Planners Co Ltd—but not a takeover of the project itself.

“The Black Volta Project remains under the control and management of the Board of Directors and Management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd,” Mr. Addo emphasized. “Engineers & Planners only remained the Shareholder of the Company and continued to exercise its rights as Shareholder.”

US$100 Million

The company also moved to correct inaccuracies regarding the 2023 Framework Agreement, clarifying that the US$100 million paid by E&P was for both debt and equity—not merely equity as suggested in some reports.

After the payment was completed and all funds held in Ghana bank accounts were returned to the investors, all directors appointed by the foreign investors tendered their resignations, the company stated.

Reassurance

Azumah Resources concluded by offering unequivocal reassurance to the general public, staff, third-party suppliers, and other stakeholders of the Black Volta Project.

“The stories published are false,” the company said. “The Black Volta Project remains under Ghanaian control and is being developed by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.”