Engineers & Planners Company Ltd (E&P) has successfully acquired all issued shares of Azumah Resources Ghana Ltd and Upwest Resources Ltd, following a share transfer agreement with the Ghanaian Beneficial Owner.
The share transfers have been registered with the Registrar of Companies, with the prior approval of the Minerals Commission, formally placing the Black Volta and Sankofa Projects under E&P’s full ownership and management.
“This acquisition marks a landmark achievement for E&P and for Ghana’s mining industry. After decades of inactivity, these projects now stand at the threshold of full-scale development under Ghanaian leadership,” E&P said in a statement signed by Emmanuel Erskine, Director, Business Development in Accra on Sunday.
Established in 1997 and today recognized as one of Africa’s foremost mining and civil engineering companies, E&P brings the technical expertise, financial resources, and operational experience required to unlock the full potential of the concessions.
The statement said E&P had secured the funding necessary to commence immediate development of the concession rolling out a structured plan for the way forward.
This includes working closely with the Ghana Revenue Authority (GRA) to audit and confirm all loans previously recorded as investments in the projects, repaying all genuine loans, subject to applicable taxes, thereby ensuring fiscal compliance and safeguarding state revenue and deploying secured funding to commence mine construction and operations within the shortest possible time.
“The company views this acquisition not only as a commercial opportunity but also as a national duty. The Black Volta and Sankofa Projects have remained undeveloped since 1992. By taking them forward, E&P aims to generate jobs, stimulate local economic activity, and contribute royalties and taxes to the state,” the statement said.
Communities in the Upper West Region will also benefit from infrastructure and social investment linked to the projects.
Mr Ibrahim Mahama, Chief Executive Officer of Engineers & Planners, said “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. “
With the acquisition completed, E&P is poised to begin an intensive development programme, setting a precedent for Ghanaian-led mining ventures that can compete globally while prioritising national benefit.
In an earlier statement, the management of Azumah Resources Ghana Ltd and Upwest Resources Ltd (owners of the Black Volta and Sankofa Gold Projects) confirmed the successful transfer of all issued shares of the companies to Engineers & Planners Company Ltd (E&P).
“The transaction has been duly registered at the Registrar of Companies, marking a decisive step in ensuring the long-term development of these critical mining assets,” the management of the two companies said.
The transfer of ownership follows a period of extensive negotiations and legal proceedings that underscored the complexities of international investment in Ghana’s mining sector.
“With this successful handover of equity ownership, the way is now paved for a new phase of project development led by a Ghanaian operator with proven technical and financial capacity,” the statement said.
Established in 2014 under leases granted by the Government of Ghana, the Black Volta and Sankofa Projects hold significant potential for gold production but have remained undeveloped due to challenges in raising sufficient capital.
With the transfer completed, Azumah Resources Ghana and Upwest Resources Ghana recognized that the responsibility for developing these resources now rests with Engineers &Planners.
The companies are confident that E&P, as one of Africa’s leading mining and civil engineering firms with a track record dating back to 1997, is well positioned to bring the projects into production.
The successful transfer demonstrates Ghana’s continuing attractiveness as a mining investment destination and the importance of aligning projects with operators who possess both the technical know-how and the financial strength to deliver.
BY TIMES REPORTER
