E&P Defends $100m Acquisition of Black Volta Gold Project From Azumah Resources
Engineers & Planners (E&P) Co. Ltd. has staunchly defended its $100 million acquisition of the Black Volta Gold Project, which is Azumah Resources’ gold concession in Ghana’s Upper West Region, describing the transaction as a landmark commercial deal and rejecting attempts to politicise the agreement.
In a detailed statement, the company emphasised that the acquisition, finalised long before the December 2024 elections, represents a significant step towards Ghanaian ownership of the country’s mineral wealth, marking the first time a major gold mine will be fully owned and developed by a local firm.
The concession, originally leased to Azumah Resources Ghana Ltd. – an Australian-controlled entity – since 1992, had remained largely undeveloped for over three decades. E&P revealed that Azumah faced mounting financial pressures, including over $5 million in debts owed to the Ghana Revenue Authority and the Minerals Commission, alongside security concerns in the region.
According to E&P, Azumah’s shareholders approached the company in May 2023 to sell the asset for $100 million, despite independent valuations placing the concession’s worth below $80 million. A Project Acquisition and Development Agreement was signed on October 9, 2023.
Since then, E&P disclosed that it has invested an average of $500,000 per month to sustain operations at the site, with the payment for the concession structured in two equal tranches, the first $50 million due by December 31, 2024.
The transaction, however, became mired in controversy in August 2024 when Azumah’s director, James Wallbank, allegedly sought to unilaterally raise the sale price to $300 million, a move E&P firmly rejected. The ensuing legal dispute was settled in June 2025 when a court ruling upheld the validity of the original $100 million agreement.
To fulfil its payment obligations, E&P recently secured a $100 million financing facility from the ECOWAS Bank for Investment and Development (EBID). The company clarified that the July 7, 2025, signing ceremony was solely related to this financing arrangement and not the original acquisition, stressing that Azumah’s local directors were present at the event.
Pushing back against media reports suggesting political influence, E&P maintained that all agreements and financial decisions were completed prior to the elections, labelling claims of political interference as unfounded.
“We call on all Ghanaians to support this historic project and reject distractions fueled by mercenary interests,” said Emmanuel Erskine, Business Development Director of E&P. “This is not politics. This is a pure commercial transaction conducted at arm’s length. God bless our homeland, Ghana.”
With a No Objection Letter secured from the Minerals Commission, E&P says it is on track to commence full-scale development of the Black Volta concession, targeting first gold production within 36 months.
The company underscored that this is not just another mining project but a historic milestone that cements indigenous ownership in Ghana’s gold mining industry.
