The Board of Directors of Azumah Resources Ghana Ltd has announced that the company is now under new ownership and management.
This follows the successful completion of negotiations and full settlement by the new shareholder, Engineers & Planners Company Limited (E&P), which has paid an amount totalling One Hundred Million United States Dollars (US $100,000,000.00) in exchange for all rights and interests in the Black Volta and Sankofa Gold Projects.
The transaction represents the final phase of the equity transfer process and cements the transition of Azumah Resources Ghana Ltd into wholly Ghanaian ownership and control.
“With the completion of this transaction, the Board of Directors has been reconstituted to reflect the new ownership structure. All former foreign directors have formally resigned, and a new Ghanaian management team has assumed responsibility for the company’s operations and strategic direction”, a statement released by the company said.
It added that the Board and Management will immediately begin engagements with statutory regulators and relevant third-party entities to ensure a smooth transition in full compliance with Ghanaian law and the regulations governing the mining sector.
“Azumah Resources Ghana Ltd reaffirms its commitment to developing the Black Volta and Sankofa Gold Projects in a responsible, transparent, and sustainable manner. The company aims to deliver measurable value for the people of the Upper West Region, the Government and people of Ghana, and its shareholder, Engineers & Planners Company Limited”, it said.
The company explained that the new management will prioritise local employment, community infrastructure, and environmental stewardship as key pillars of the development strategy.
“The conclusion of this transaction and the restructuring of the board mark a defining moment for Azumah Resources Ghana Ltd. We are confident that the new management and shareholders have the capacity, integrity, and commitment to advance the Black Volta and Sankofa projects in line with Ghana’s highest standards of governance and sustainability,” Noel Nii Addo, Chief Executive Officer, stated.
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