Azumah Resources has insisted that it is not selling the Black Volta Gold Project to Engineers and Planners (E&P), despite the signing of a funding facility on July 7 between E&P and the ECOWAS Bank.

In a statement issued on July 8, 2025, Project Director Rob Cicchini clarified that E&P has not secured full funding for the project and lacks the capacity to develop the mine.

He stated that E&P does not have the required resources to fully finance the project.

“The future of this project should be in the hands of those who can deliver, not those who cannot. A sale to E&P, without a demonstrated ability to fund the full development of the Black Volta Gold Project, would not be in Ghana’s national interest.

"Even if E&P could raise the funds to acquire the project, it has already demonstrated, over several years, that it does not have sufficient resources to fund the development,” he said.

Cicchini further emphasised that the project would be difficult to execute if sold to E&P.

“Without that funding, Ghana would suffer. Local communities would suffer. Jobs would be lost. Growth would stall. Azumah Resources is proud to assist the government of Ghana in delivering real value for all Ghanaians,” he stated.

Azumah Resources also noted that E&P has yet to present any formal offer either to assist in funding the Black Volta Mine or to invest in Azumah.

“E&P does not own any shares in Azumah,” the company stated.

“We are very disappointed that E&P has made and continues to make a number of misleading public statements. Their statements are visible to mining companies around the world and severely impact upon their international standing as a Ghanaian company,” it added.

Azumah said it remains open to funding from international banks, and commented, “With their reported availability of funds from international banks, Azumah looks forward with great interest to receiving any offer of funding from E&P. However, Azumah takes note of the comments made by E&P in the press and will consider these when evaluating any future potential transaction with E&P.”

The company also advised stakeholders to disregard the signing event that took place this week between E&P and the ECOWAS Bank.

“Azumah urges all regulators, financial institutions, potential investors, and the Ghanaian public to disregard this week’s staged event and any related claims. The dispute between Azumah and E&P should be resolved through international arbitration and not through media stunts,” Cicchini concluded.



SSD/MA

Cheque Fraud EXPOSED: How it works and how to stay safe



GhanaWeb Special: The gold market that fuels galamsey