Azumah Resources Ghana Ltd has strongly refuted reports suggesting that foreign investors have regained control of the Black Volta Gold Project, insisting that ownership and management of the mining asset remain unchanged despite ongoing legal proceedings.
In a statement issued on Thursday, July 9, the company’s Board Chairman, Noel Addo, described recent media reports as inaccurate and misleading, stressing that neither the International Chamber of Commerce (ICC) arbitration tribunal nor the High Court in London has ordered the transfer of the project to the former foreign investors.
According to the company, claims that the Black Volta Project has been handed back to IGIC Pty, Cangold Pty and Azumah Resources Australia Ltd are false.
“There is no court or arbitral ruling directing the handover of the Black Volta Project,” the company stated, challenging anyone making such assertions to produce the alleged order.
Azumah acknowledged that the former investors had secured an ex parte order from the High Court in England in June seeking to prevent Engineers & Planners (E&P) from interfering with the Black Volta and Sankofa mining sites and to restore access to certain company information technology systems.
However, the company maintained that the order is not final, explaining that it expressly grants E&P the right to apply for it to be set aside before it can take effect.
Azumah disclosed that Engineers & Planners has already filed an application to overturn the order, with the company supporting the application. It added that the English court is yet to schedule a hearing on the matter.
The company therefore rejected claims that Engineers & Planners has ignored or breached any enforceable court directive.
Addressing the arbitration proceedings, Azumah said an interim ruling issued by the ICC tribunal on September 19, 2025, declined requests to reverse changes made to the company’s shareholding structure and board composition while the arbitration remains ongoing.
According to the company, that decision means Engineers & Planners’ acquisition of shares in Azumah Resources Ghana Ltd and Upwest Resources Ltd remains valid pending the final outcome of the arbitration.
Providing background to the dispute, Azumah explained that Engineers & Planners entered into an agreement in 2023 to acquire the debt and equity interests of the foreign investors in the companies behind the Black Volta Project for US$100 million.
The company said the agreed amount was fully paid, funds held in Ghanaian bank accounts were returned to the former investors, and the directors representing those investors subsequently resigned from the company’s board.
Azumah further alleged that the foreign investors later initiated fresh arbitration proceedings before the ICC seeking additional payments beyond the original settlement agreement, claims the company says it is vigorously contesting.
Despite the legal battle, Azumah maintained that the Black Volta Project continues to be managed by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd under mining concessions granted by the Government of Ghana.
The company also reaffirmed that Engineers & Planners remains a shareholder and that work on developing the mining project is continuing while the dispute is being determined by the ICC tribunal and the High Court in London.
