Azumah Resources Ghana Ltd has dismissed reports claiming that foreign investors have been ordered to retake control of the Black Volta Gold Project, describing the publications as “false”, “misleading” and a misrepresentation of ongoing legal proceedings before international arbitration and the English High Court.
In a statement issued on Thursday, July 9, and signed by its Board Chairman, Noel Addo, the company assured employees, contractors, suppliers and other stakeholders that there had been no court or arbitral order directing that the project be handed over to former investors.
“The stories published are false,” the statement said, adding that the reports were based on “a concoction of facts” and misrepresented the legal dispute currently before the International Chamber of Commerce (ICC) and the High Court in London.
The company specifically rejected claims that the Black Volta Project had been ordered to be returned to former investors, namely IGIC Pty, Cangol Pty 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,” Azumah Resources stated. “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.”
According to the company, although an ex parte application was filed in June 2026 seeking interim relief against Engineers & Planners (E&P), the order itself clearly states that it is not enforceable until any application to set it aside has been heard by the court.
Azumah Resources said E&P has already applied to have the order set aside, while the company has also filed a statement supporting that application, affirming that all assets of the Black Volta Project remain “in the control, custody, possession and power of Azumah Ghana Ltd.”
“The High Court of England is yet to set a date for the hearing of the application to set aside the said order,” the statement noted.
The company also faulted reports suggesting that E&P had failed to comply with the court order.
“The publication suggesting that E&P has failed to comply with the order is therefore inaccurate and misleading and same should be ignored,” it said.
Azumah Resources further argued that no court or tribunal could legally transfer Ghana’s mining concessions to another entity because the mineral rights were leased by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
The company also defended the 2023 acquisition agreement involving Engineers & Planners, insisting that the US$100 million transaction covered both debt and equity, contrary to claims that it related only to equity.
According to the statement, the parties later reaffirmed that arrangement through a settlement agreement, after which E&P paid the full US$100 million purchase price and returned all funds held in the company’s Ghanaian bank accounts to the foreign investors.
“After payment of the US$100 million and return of all monies in the Ghana Bank Accounts, all the directors appointed by the investors to the Board of Azumah Resources Ltd tendered their resignation letters,” the statement said.
Azumah Resources disclosed that the foreign investors subsequently initiated fresh proceedings before the ICC seeking additional payments despite having received the agreed amount.
It said those claims are being contested.
The company also cited an interim ICC arbitral award delivered on September 19, 2025, which declined to reverse changes in shareholding or company directorships pending the final determination of the dispute.
Azumah Resources interpreted that decision as confirming that the acquisition of shares by Engineers & Planners remained intact.
The company concluded by insisting that the Black Volta Project continues to be managed by Azumah Resources Ghana Ltd together with Upwest Resources Ltd and Phoenix Resources Ltd.
“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,” the statement said, adding that Engineers & Planners “only remained the shareholder of the company and continued to exercise its rights as shareholder.”
The dispute over ownership and control of the Black Volta Project remains before the ICC arbitration tribunal and the English High Court, where aspects of the case are yet to be determined.
Source: www.kumasimail.com
