Azumah Resources Ghana Ltd has dismissed reports that foreign investors have regained control of the Black Volta gold project, insisting no court or arbitration tribunal has ordered the handover of the mine and describing recent media reports as false and misleading.

In a press release issued on Thursday (9 July), the company’s board chairman, Noel Addo, said publications by some media outlets had misrepresented ongoing legal proceedings before the International Chamber of Commerce (ICC) and the High Court in London.

The company said there was no order requiring the Black Volta Project to be handed over to former investors — IGIC Pty, Cangold Pty and Azumah Resources Australia Ltd — and challenged anyone making such claims to produce the relevant ruling.

Azumah acknowledged that the former investors had obtained an ex parte order from the High Court in England in June seeking to restrain Engineers & Planners (E&P) from interfering with the Black Volta and Sankofa mine sites and to restore access to company IT systems.

However, it said the order expressly allowed E&P to apply to have it set aside and was not enforceable until that application had been heard.

According to the statement, E&P has filed an application to set aside the order, supported by Azumah Resources Ghana Ltd, which maintains that all project assets remain under the company’s control. The English court has yet to fix a hearing date.

The company therefore rejected suggestions that E&P had failed to comply with any enforceable court order.

Azumah also cited an interim ICC arbitration ruling issued on Sept. 19, 2025, which declined requests to reverse changes to company shareholding or board appointments while arbitration continues.

The company said the tribunal’s refusal to unwind those corporate decisions meant Engineers & Planners’ acquisition of shares in Azumah Resources Ghana Ltd and Upwest Resources Ltd remained intact.

According to Azumah, Engineers & Planners agreed in 2023 to acquire both the debt and equity interests of the foreign investors in the companies behind the Black Volta Project for US$100 million.

The company said the full amount had been paid and that funds held in Ghanaian bank accounts had also been returned to the foreign investors, after which their appointed directors resigned from the board.

It alleged that the former investors later initiated fresh ICC proceedings seeking additional payments beyond the settlement terms, claims which it said are being contested.

Azumah maintained that the Black Volta Project remains under the management of Azumah Resources Ghana Ltd, Upwest Resources Ltd and Phoenix Resources Ltd, all of which hold mining concessions granted by the Government of Ghana.

It added that Engineers & Planners remains a shareholder in the companies while development of the project continues.

The legal dispute between the parties remains before the ICC arbitration tribunal and the High Court in London.