Azumah Resources Ghana Ltd has dismissed reports claiming that an international arbitration tribunal or a foreign court has ordered the Black Volta Project to be returned to its former foreign investors, describing the publications as false, misleading and a complete distortion of ongoing legal proceedings.
In a statement signed by its Chairman, Noel Addo, the company said the reports were “a concoction of facts” that misrepresented matters currently before the International Chamber of Commerce (ICC) Arbitration Tribunal and the High Court in England.
It assured employees, suppliers, investors and other stakeholders that no court or arbitral body had ordered the transfer of the Black Volta Project and urged the public to disregard the reports.
According to the company, neither the ICC Arbitration Tribunal nor the High Court in England has issued any order directing that the Black Volta Project be handed over to former investors—IGIC Pty Ltd, Cangol Pty Ltd and Azumah Resources Australia Ltd.
Azumah Resources challenged those behind the publications to produce any court order or arbitral award requiring such a transfer. The company explained that the reports stemmed from an ex parte application filed on June 10, 2026, by the former investors, seeking interim relief against Engineers & Planners (E&P).
It said the application sought orders directing E&P to cease interfering with operations at the Black Volta and Sankofa mine sites, restore access to certain operational assets and return administrative control of the company’s Office365 email server and domain.
However, the company noted that the ex parte order expressly gave E&P 14 days to apply for it to be set aside and further stipulated that it would not become enforceable until such an application had been determined by the court.
Azumah Resources disclosed that E&P has since filed an application to set aside the order, which remains pending before the High Court in England. It added that it had also filed a supporting statement confirming that all assets of the Black Volta Project remain in the custody, possession and control of Azumah Resources Ghana Ltd.
The company said the High Court has yet to fix a hearing date and, therefore, described reports suggesting E&P had failed to comply with a court order as inaccurate and misleading.
Mineral Rights
Azumah Resources further maintained that no foreign court or arbitration tribunal could lawfully transfer the project’s mineral rights because the concessions were granted by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
According to the statement, the mineral rights are protected under Ghana’s Constitution and mining laws, making any purported order transferring the concessions legally impossible.
Responding to claims about ownership of the project, the company said the ICC Arbitration Tribunal, in an interim award delivered on September 19, 2025, declined requests to reverse corporate decisions relating to shareholding, board appointments and management changes.
According to Azumah Resources, the tribunal held that unwinding changes in shareholding or company management would not be appropriate at the interim stage of the arbitration, effectively leaving Engineers & Planners’ acquisition of shares in Azumah Resources Ghana Ltd and Upwest Resources Ltd intact.
Acquisition Agreement
Providing what it described as the background to the dispute, Azumah Resources said Engineers & Planners entered into a Framework Agreement in 2023 to acquire and develop the Black Volta Project for US$100 million.
The company rejected suggestions that the agreement covered only equity ownership, insisting it expressly included both the debt and equity interests of the former investors in Azumah Resources Ghana Ltd and Upwest Resources Ltd.
It said the agreement required IGIC, Azumah Resources Australia and Cangol to transfer all their debt and equity interests upon payment of the agreed amount.
Azumah Resources further disclosed that following subsequent disputes, both parties negotiated a settlement agreement reaffirming that the US$100 million represented payment for both the loans and shares.
According to the company, this position was confirmed in correspondence dated August 15, 2025, in which lawyers for the former investors acknowledged that the total purchase price for the loans and shares was US$100 million.It said Engineers & Planners subsequently paid the full amount.
Fresh Arbitration Claims
The company also stated that, at the request of the former investors, all monies held in Ghanaian bank accounts belonging to Azumah Resources Ghana Ltd were transferred to their overseas accounts.
It added that after receiving the payments, all directors appointed by the foreign investors resigned from the board of Azumah Resources Ghana Ltd.
However, Azumah Resources alleged that despite receiving the agreed payments, the former investors later initiated fresh arbitration proceedings before the ICC seeking additional payments beyond the terms of the settlement agreements. It said those claims are currently being contested.
Azumah Resources maintained that the Black Volta Project continues to be owned and managed by Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, which remain the holders of the mining concessions granted by the Government of Ghana.
The company added that Engineers & Planners remains a shareholder and continues to exercise its rights in that capacity.
It reiterated that the legal disputes remain before the ICC Arbitration Tribunal and the High Court in England and urged stakeholders to disregard what it described as inaccurate media reports while awaiting the outcome of the ongoing judicial and arbitral proceedings.
