Azumah Resources Ghana Limited has rejected reports claiming that Engineers & Planners (E&P) has taken control of its Black Volta and Sankofa gold projects following its acquisition of Azumah Ghana and Upwest Resources Ghana.
The company insists it remains the lawful owner and operator of the projects.
In a statement issued in Accra yesterday and signed by Priyanka Dutt, Account Director, Azumah Ghana said no shares have been transferred to E&P by either Azumah Ghana, Upwest Resources Ghana, or their shareholders.
The company added that the reports contradicted recent developments between the two firms.
Last week, E&P formally withdrew its legal claims against Azumah Ghana, a development widely reported as paving the way for Azumah Ghana to advance the development of the Wa and Black Volta projects.
It added that the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, received international recognition for resolving the matter, assuring investors at the Africa Down Under conference in Australia that Ghana remained a stable and reliable destination for mining investment.
Azumah Ghana, however, expressed concern that E&P had subsequently seized the mine without lawful authority.
The company warned that such actions could undermine the minister’s assurances to international investors and weaken confidence in Ghana’s ability to enforce the rule of law.
The company further noted that if such a transfer were recognised, it would amount to expropriation of private property.
This, it stated, could expose the Government of Ghana to claims exceeding US$1 billion under both domestic law and international treaties.
Azumah indicated it would immediately seek recourse at the International Court of Arbitration to prevent any unlawful takeover and protect shareholder rights.
Professor Prince Amponsah, the newly appointed Chairman of Azumah Ghana, dismissed the reports as misleading, asserting, “This is false information designed to confuse the public.”
“Only last week E&P abandoned its claims against us, confirming what the courts and contracts already show – that Azumah Ghana is the rightful owner of the Black Volta and Sankofa Projects. Any suggestion to the contrary is baseless,” he stated.
Azumah said its focus remained on fast-tracking development of the Wa, Black Volta, and Sankofa projects.
The company projected more than US$100 million in investment, alongside 1,000 construction jobs and 420 permanent roles, which it described as key to the economic development of the Upper West Region.
A Daily Guide Report