Engineers & Planners (E&P) has issued a firm rebuttal to ongoing claims surrounding its acquisition of the Black Volta Gold Project in Ghana’s Upper West Region, accusing critics of spreading misinformation aimed at derailing a landmark deal for local ownership in the mining sector.
In a press statement signed by Business Development Director Emmanuel Erskine, E&P clarified the circumstances under which it agreed to acquire the project from Azumah Resources Ghana Ltd, an Australian-owned entity that had held the concession since 1992 but failed to undertake meaningful exploration activities over a 30-year period.
“By 2022, the company was indebted to the Ghana Revenue Authority and the Minerals Commission to the tune of over $5 million,” E&P stated, noting that the GRA had secured court judgments and was preparing to sell Azumah’s assets.
Amidst low global gold prices and political instability in neighbouring Burkina Faso, the statement said Azumah’s shareholders approached E&P in May 2023 with an offer to sell the project for $100 million—despite it being valued at less than $80 million.
E&P accepted the terms and signed a Project Acquisition and Development Agreement in October 2023. The deal stipulated full payment by June 2026, with instalments due in June 2024 and June 2026. However, an agreed email amendment rescheduled the first payment to December 31, 2024.
Addressing claims that Azumah had terminated the agreement, E&P questioned the authenticity of such assertions, citing continued financial support to Azumah through June 2025.
“If indeed Azumah had terminated the agreement in December 2024, why was Azumah still taking money from E&P in June 2025 to pay salaries and other project expenses?” the company asked.
E&P further dismissed a circulating letter dissociating Azumah from a recent signing ceremony, noting it was unsigned by any Azumah director and instead came from a UK-based public relations firm. “The only reason no director of Azumah could sign the purported letter is because they know that it will amount to contempt of court,” the statement alleged.
The company attributed the current “noise” to alleged attempts by Bright Simons, James Wallbank, and their associates to block E&P from securing financing. “They know that once E&P can raise the financing, the shareholders have no option but to accept the payment as per the agreement,” the statement said.
Despite the controversy, E&P says it has secured a No Objection Letter from the Minerals Commission and will continue with financing arrangements through the ECOWAS Bank for Investment and Development (EBID). The company aims to begin mine development shortly and achieve first gold production within 36 months.
“This is not politics. This is a pure commercial transaction on an arm’s length basis,” the company emphasized. “Ghanaians should support their own and not allow people who have become mercenaries to divert attention from this historic project.”
The Black Volta Gold Project, when operational, will mark the first time a wholly Ghanaian-owned company develops and operates a large-scale gold mine in the country.
