Azumah Resources Ghana Ltd has denied reports claiming that a court or arbitration tribunal has ordered the Black Volta Project to be handed over to former investors.
In a statement dated Thursday, July 9, 2026 and signed by Board Chairman Noel Addo, the company said publications by ‘Semafor Africa’ and republished by Myjoyonline.com misrepresented ongoing legal proceedings before the International Chamber of Commerce (ICC) and the High Court in London.
The company said there is no order by any tribunal or court requiring the project to be handed over to IGIC PTY, Cangol PTY and Azumah Resources Australia Ltd.
It challenged those behind the publication to produce any such award or order.
According to the statement, the former investors filed an ex parte application on June 10, 2026 seeking orders for Engineers & Planners (E&P) to stop operations at the Black Volta and Sankofa mine sites, restore access to company systems, and return control of Azumah Ghana’s Office365 email server and domain.
The statement noted that the ex parte order allowed E&P to apply to have it set aside within 14 days and that it was not enforceable until that application was heard.
Azumah Resources Ghana Ltd said E&P has applied to set aside the order, and the company has filed a statement confirming that all assets of the Black Volta Project remain in its control.
The High Court of England is yet to fix a date for the hearing.
The company further stated that no court can order the mineral rights and concession to be handed over to any person contrary to the 1992 Constitution, because the concessions have been leased by the Government of Ghana to Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd.
On the substantive dispute, Azumah said an ICC Arbitral Tribunal award delivered on September 19, 2025, declined to grant relief to unwind corporate decisions, including changes to shareholding.
According to the company, that decision confirmed the acquisition of the shares of Azumah Ghana Ltd and Upwest Resources Ltd by Engineers & Planners Co Ltd.
The statement explained that in 2023, E&P signed a Framework Agreement to acquire and develop the Black Volta Project for $100 million, covering both debt and equity.
After the dispute began, the parties negotiated a settlement confirming the $100 million figure, after which proceedings before the ICC would be withdrawn.
Azumah said E&P subsequently paid the full $100 million and also returned all monies in the Ghana bank accounts of Azumah Resources Ghana Ltd to the former investors’ overseas accounts. Following this, all directors appointed by the investors resigned.
The company added that despite receiving the payment, the foreign investors filed a new claim at the ICC seeking additional payment contrary to the agreements and that all the new claims are being defended.
Azumah Resources Ghana Ltd further said that the Black Volta Project remains under the control and management of the Board and Management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, and that Engineers & Planners remains the shareholder of the company and continues to exercise its rights as such.
