E&P in Advanced Talks to Acquire Azumah and Upwest Resources, Says Bobby Banson
Engineers & Planners, the Ghanaian-owned mining and civil engineering group, is in advanced negotiations to acquire Azumah Resources Ghana and Upwest Resources Ghana, in a deal that could revive two long-stalled gold projects in the country’s northwest.
Counsel to E&P, Bobby Banson, commenting on the acquisition deal on JoyNews’ Newsfile programme on Saturday, said that the parties were “committed to ensuring the process is concluded transparently and in line with the law”.
The acquisition deal would transfer all issued shares of the Ghanaian beneficial owner to E&P. Analysts say the transaction, if finalised, could mark a turning point for Ghana’s gold sector, where a number of promising assets have remained undeveloped for nearly two decades due to financing and regulatory hurdles.
“With gold prices above $3,000 per ounce, this is a window of opportunity Ghana must not lose,” Lawyer Banson stated, adding that, “The process is not only legal but also strategic for the country’s economic transformation, job creation, and mining industry growth.”
The acquisition by E&P underscores growing appetite among local companies to secure assets at a time of record bullion prices and intensifying global competition for resources. Ghana, Africa’s top gold producer, is seeking to boost revenues from the sector while encouraging greater domestic participation in mining.
