Azumah Resources, Engineers & Planners Settle Black Volta Dispute Following $130m EBID Financing
A protracted legal tussle before the International Chamber of Commerce (ICC) involving Australian-backed Azumah Resources and Ghanaian mining firm Engineers & Planners (E&P) over the termination of the Black Volta Gold Project agreement has officially come to an end.
The resolution follows the signing of a $100 million acquisition facility between Engineers & Planners and the ECOWAS Bank for Investment and Development (EBID), aimed at settling outstanding obligations to Azumah Resources. The financial package paves the way for E&P to assume full ownership of the Black Volta concession, consistent with the original agreement signed between the two parties in 2023.
Speaking at the signing ceremony in Accra, legal counsel for Engineers & Planners, Bobby Banson, confirmed the amicable settlement, noting that the fresh injection of capital enables E&P to meet its financial commitments ahead of schedule.
“What you have witnessed is the signing of the agreement between E&P and EBID for the ECOWAS Bank to provide Engineers & Planners with $100 million. With this facility, E&P will approach Azumah—despite our initial agreement to pay in 2026—and pay them in 2025, making us the new owners,” Mr. Banson stated.
He further disclosed that discussions leading to the current agreement began approximately 18 months ago, but the critical financial component was only recently secured. “Now that we have the money, we will approach the ICC to formally close the case,” he added.
The settlement marks a significant milestone for Ghana’s mining sector, clearing legal hurdles that had threatened the future of the Black Volta Gold Project. The project, located in the Upper West Region, is expected to become Ghana’s first large-scale, fully indigenous-owned gold mining operation, positioning Engineers & Planners as a major player in the country’s mineral development agenda.
The President of the ECOWAS Bank for Investment and Development, Dr. George Donkor, speaking at the event, revealed that EBID will extend an additional $30 million to the project by December 2025, further boosting its operational prospects.
The Black Volta Gold Project, once operational, is anticipated to unlock significant economic value, create employment, and bolster Ghana’s foreign exchange earnings as global demand for gold remains strong.
