Engineers & Planners (E&P) has issued a detailed press statement addressing the ongoing controversy surrounding its acquisition of Azumah Resources Ghana Limited and the Black Volta Gold Project.
According to E&P, the agreement was signed on 9th October 2023 after Azumah’s Australian shareholders, facing financial difficulties and a $5 million debt to Ghanaian authorities, offered to sell the project for $100 million. Despite the project’s valuation being under $80 million at the time, E&P accepted the deal, took over operations, and began monthly funding of $500,000 from November 2023. The company also appointed two directors to Azumah’s board and renegotiated liabilities to stabilize the project.
Court Ruling Upholds E&P’s Position Amid Azumah’s Attempted Termination– The dispute escalated in August 2024 when Azumah’s director, James Walthank, demanded a price increase to $300 million, citing rising gold prices. E&P rejected this and initiated arbitration after Azumah allegedly terminated the agreement unilaterally. In June 2025, a Ghanaian High Court ruled in favor of E&P, maintaining the status quo and nullifying Azumah’s termination attempt. E&P also secured a $100 million facility from EBID to fulfill its payment obligations, with the first installment due by December 2024. The company emphasized that all milestones were achieved independently, without government influence, and well before the December 2024 elections.
E&P Counters Misinformation and Reaffirms Commitment to Project– E&P dismissed allegations of political interference and clarified that the 7th July 2025 signing ceremony was for its financing agreement with EBID, not Azumah’s involvement. The company accused certain Azumah directors of attempting to sabotage the deal to exploit higher gold prices. E&P stressed its compliance with legal and regulatory processes, including obtaining a No Objection Letter from the Minerals Commission. The firm urged Ghanaians to support the project, highlighting its significance as Ghana’s first large-scale mine acquisition by a wholly owned local company.
Path Forward: Production Goals and National Pride – Looking ahead, E&P plans to proceed with the acquisition, develop the mine, and achieve first production within 36 months. The company framed the project as a landmark achievement for Ghanaian enterprise, separate from political agendas. Business Development Director Emmanuel Erskine concluded with a call for unity, stating, “This is not politics. This is a pure commercial transaction on an arm’s length basis.” E&P remains focused on delivering the project while upholding transparency and national development goals.
