"Ownership of Ghana\u2019s Black Volta Gold Project in Question Amid Acquisition Controversy"

" \r\n \t Ownership of Ghana\u2019s Black Volta Gold Project in Question Amid Acquisition Controversy \r\n \r\nIn a country hungry for stories of indigenous industrial ascendancy, a Ghanaian mining contractor\u2019s claim to have secured full ownership of one of the country's largest gold assets should have been a moment of national pride. But beneath the surface of a carefully choreographed signing ceremony set to take place at the plush Marriott Hotel in Accra, serious questions loom about the legitimacy of Engineers & Planners\u2019 (E&P) acquisition of the Black Volta Gold Project , formerly owned by Azumah Resources.\r\n\r\nOn Monday, July 7, 2025, E&P is expected to host a high-profile event billed as the Facility Agreement Signing Ceremony . The company claims it has secured 100% ownership of the Black Volta project through a $100 million deal backed by the Ecowas Bank for Investment and Development (EBID). Promotional documents proclaim this to be a groundbreaking milestone, marking, in their words, \u201cthe first indigenous acquisition of a large-scale gold mine in Ghana.\u201d\r\n\r\nHowever, the owners claim they have not received payment.\r\n\r\n The Termination That Wasn\u2019t Public \r\n\r\nDocuments obtained by NorvanReports confirm that Azumah Resources , an Australian firm with operations in Ghana through Azumah Resources Ghana Ltd, had terminated the acquisition agreement with E&P in December 2024 , citing unfulfilled obligations under Clause 12.1.2 of their framework agreement. The notice, served via email to E&P\u2019s Business Development Director, was unambiguous\u2014 the deal was off .\r\n\r\nDespite this, on July 1, 2025, a letter on Azumah\u2019s Ghanaian subsidiary\u2019s letterhead was sent to media outlets inviting them to cover the very event the termination was supposed to prevent. According to sources within Azumah familiar with the matter, the letter was not authorised by the company\u2019s executive board or Australian parent , sparking confusion and consternation both in Perth and Accra.\r\n\r\n \r\n\r\n A Mine Too Valuable to Ignore \r\n\r\nThe Black Volta Gold Project is no marginal site. The project boasts:\r\n \r\n \t 934 km\u00b2 of mining and exploration licenses in Ghana\u2019s Bole-Bolgatanga belt. \r\n \t A construction-ready status with defined ore reserves of 1.37 million ounces and further resources totalling 2.8 million ounces. \r\n \t Infrastructure access, including roads, water supply, and ~40% renewable grid electricity. \r\n \r\nIts strategic and economic value has soared in recent months, driven by gold prices that have seen the asset\u2019s valuation surge above $300 million . The original $100 million offer from E&P\u2014once seen as ambitious\u2014now appears woefully insufficient .\r\n\r\n \r\n\r\nSources close to the transaction say E&P has struggled to raise the required funds, even from EBID, whose previous loan to the contractor had to be restructured due to repayment challenges. Without credible financial closure, Azumah\u2019s shareholders pulled the plug .\r\n\r\n Reputation at Risk \r\n\r\nThe timing of the public signing event\u2014despite legal termination\u2014raises troubling ethical and reputational questions . In a country already struggling to attract capital into its mining sector amidst disputes involving BCM and BGR, this latest debacle threatens to undermine Ghana\u2019s credibility as a serious mining investment jurisdiction.\r\n\r\n\u201cNational champions must earn the title,\u201d one senior mining policy expert told NorvanReports. \u201cStaging ceremonies without completed deals sends the wrong message to global investors.\u201d\r\n\r\nMoreover, regulatory silence on the matter is deafening. The Ministry of Lands and Natural Resources, the Minerals Commission, and even Parliament have been notably absent from the unfolding drama. Their inaction could set a dangerous precedent\u2014where optics trump legality and public narrative overshadows investor protection.\r\n\r\n \r\n\r\n The Media's Role & the Path Ahead \r\n\r\nThere is a real risk that this event will pass without scrutiny. But if Ghana\u2019s media is to fulfil its mandate, it must press for answers to hard questions :\r\n \r\n \t Has EBID truly disbursed funds to E&P for the acquisition? \r\n \t Who at Azumah Ghana authorised the July 1 invitation? \r\n \t Why is a project terminated six months ago still being publicly celebrated? \r\n \t What is the Minerals Commission\u2019s official position? \r\n \r\nThis story isn\u2019t just about one mine, one contractor, or one event. It is about the integrity of Ghana\u2019s extractives industry , the fate of indigenous entrepreneurship , and the future of public-private credibility in African resource governance.\r\n\r\n Follow NorvanReports for more update and detailed coverage.\r\n\r\n NorvanReports | Exclusive Analysis \r\n By Bright Simons | Contributor (Originally posted on LinkedIn) "

"Ownership of Ghana\u2019s Black Volta Gold Project in Question Amid Acquisition Controversy"

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