E&P’s $250m Funding Promise Was Just Talk, Says Azumah Resources

Azumah Resources Ghana Limited has dismissed as baseless and misleading claims made by Engineers & Planners (E&P) regarding funding commitments for the Black Volta Gold Project.

The company insists that E&P failed to demonstrate the financial capacity necessary for such a critical national undertaking.

In a statement signed by John Mason, spokesperson for Azumah Resources, the company described E&P’s recent public claims as “not supported by law or by fact.”

Mr Mason stated, “When we sought to maximise the involvement of Ghana companies, E&P offered to provide more than $250 million in funding, but to date has only managed to provide $4 million.”

Azumah Resources is moving forward with the development of the mine in Ghana’s Upper West Region with the backing of seasoned international investors.

“We are very fortunate to have secured the financial support of international investors that have already developed more than $10 billion of mines globally, and they will support the construction of this mine,” Mr Mason said.

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He emphasised that Azumah remains committed to working with “reputable and hardworking, law-abiding Ghana companies and investors.”

“We will not be distracted by noise,” he added.

“We remain focused on lawful development, on transparency, and on building Ghana’s future in partnership with the Government of Ghana and in the best interests of our people.”

Rob Cicchini, Project Director of Azumah Resources, questioned the credibility of E&P’s capacity to lead the mine’s development.

“The future of this project should be in the hands of those who can deliver—not those who cannot,” he said.

“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.”

Mr Cicchini noted that E&P had already shown over several years that it lacks “sufficient resources to fund the development.”

He warned that without full funding, “Ghana would suffer. Local communities would suffer. Jobs would be lost. Growth would stall.”

Azumah Resources further clarified that E&P “has yet to provide any formal offer… either to assist in funding the Black Volta Mine or investing in Azumah.”

The company also confirmed that E&P does not hold any shares in Azumah.

Reacting to E&P’s recent public campaign, Azumah said it was “very disappointed” by the misleading statements being made.

“Their statements are visible to mining companies around the world and severely impact their international standing as a Ghanaian company.”

While Azumah noted E&P’s reported access to funds from international banks, Mr Mason said the company “looks forward with great interest to receiving any offer of funding from E&P” but added that all public statements made will be considered in evaluating any future potential transaction.

Azumah Resources urged stakeholders to “disregard this week’s staged event and any related claims,” asserting that the ongoing dispute should be resolved through international arbitration and not through media stunts.”

The company reaffirmed its commitment to the rule of law and its willingness to engage with regulators, financial institutions, investors and the Ghanaian public directly.

“We remain fully available to our partners, regulators, and the public to provide accurate information,” Mr Mason said, adding that Azumah Resources “will pursue all available remedies in the arbitration and reserves all rights to protect its interests and the Black Volta Gold Project.”

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