Azumah Resources dismisses reports of Black Volta project takeover as false

Azumah Resources Ghana Ltd has rejected media reports claiming that foreign investors have been ordered to retake control of the Black Volta Project, describing the publications as false and misleading.

In a statement issued on Thursday (9 July), the company’s Board and Management said reports published by Semafor Africa and reproduced by Myjoyonline.com misrepresented ongoing legal proceedings before the International Chamber of Commerce (ICC) and the High Court in London.

The company said there is no order from any arbitration tribunal or court directing that the Black Volta Project be handed over to former investors, namely IGIC Pty Ltd, Cangol Pty Ltd and Azumah Resources Australia Ltd.

“There is no order by any Arbitration Tribunal or High Court ordering that the Black Volta Project be handed over to the former investors,” the statement said.

Azumah acknowledged that the former investors had obtained an ex parte order in England seeking interim relief against Engineers & Planners (E&P). However, it said the order is not enforceable because E&P has applied to have it set aside, and the application is yet to be heard by the High Court.

The company added that it has filed a statement supporting E&P’s application, maintaining that all assets of the Black Volta Project remain under the control and management of Azumah Resources Ghana Ltd.

Azumah further stated that the ICC, in an interim award issued in September 2025, declined to reverse changes to the shareholding or directorship of the Azumah Group companies, which it said effectively left Engineers & Planners’ acquisition of the shares intact pending the final determination of the dispute.

The company also maintained that under a 2023 framework agreement, Engineers & Planners agreed to acquire both the debt and equity interests of the former investors in the project for US$100 million and that the full amount had been paid.

According to Azumah, following the payment, the former investors also received funds held in the company’s Ghanaian bank accounts and their appointed directors subsequently resigned from the board.

The company said the Black Volta Project remains under the control and management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, while Engineers & Planners continues to exercise its rights as the shareholder.

The legal dispute between the parties remains before the International Chamber of Commerce and the High Court in London.