Ghanaian mining firm, Engineers & Planners Company Ltd (E&P) has finalised the acquisition of Azumah Resources Ghana Ltd and Upwest Resources Ltd, paving the way for the development of the Black Volta and Sankofa mining projects in the Upper West Region.

Once operational, the Black Volta project is expected to produce an average of 163,000 ounces of gold per year, about five tonnes annually, during its first five years. This would represent roughly 3% of Ghana’s national gold output, which rose to 4.8 million ounces, or 150 tonnes, in 2024.

In a joint statement sighted by GhanaWeb Business on September 7, 2025, the share transfers, which received prior approval from the Minerals Commission, have been formally registered with the Registrar of Companies, giving E&P full ownership and management control of the concessions.

E&P says it has already secured the funding needed to kick-start mine development. The company also outlined a structured plan that includes working with the Ghana Revenue Authority (GRA) to audit and validate all previous loans recorded as investments, repaying genuine loans with applicable taxes, and channeling secured funds into construction and operations.

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Chief Executive Officer of E&P, Ibrahim Mahama, described the acquisition as both a commercial milestone and a national duty.

“This is a proud moment for E&P and for Ghana. Our commitment is to ensure that these projects, which have been dormant for too long, finally deliver real value to our country and its people. We will work transparently with regulators and stakeholders to build mines that create shared prosperity,” he said.

The firm added that the projects will generate jobs, stimulate local economic activity, and provide royalties and taxes to the state.

Additionally, communities in the Upper West Region are also expected to benefit from infrastructure and social investments linked to the developments.

Established in 1997, E&P is one of Africa’s leading mining and civil engineering companies and is now set to revive projects that have remained inactive since 1992.

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Meanwhile, as of Monday, September 8, 2025, spot gold is trading at approximately $3,583.41 per ounce, just below the record high of $3,599.89, amid growing expectations of a US Federal Reserve interest rate cut following weak jobs data.

See the statements from E&P and Azumah Resources below







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