Vice President of IMANI Africa, Bright Simons, has accused Engineers & Planners (E&P) of misleading the public following the announcement of a $100 million Acquisition Facility Agreement signed with the ECOWAS Bank for Investment and Development (EBID) to finance the purchase of the Black Volta Gold Project.
According to Simons, E&P created a false impression that Azumah Resources, the company that owns the Black Volta Gold Project, had consented to the transaction. He said this has misled the public and financial institutions involved.
His comments come on the back of a ceremony held on July 7 in Accra, where E&P and EBID signed the $100 million agreement, touting it as a landmark deal to establish Ghana’s first large-scale, wholly indigenous gold mining operation.
However, Azumah Resources Ghana Limited has since issued a strong rebuttal, denying any involvement or consent. In a press release dated Tuesday, July 8, Azumah stated unequivocally that Engineers & Planners “does not own any shares in Azumah” and has “not made any formal offer to invest in or fund” the company.
The statement stressed that the development of the Black Volta Gold Mine remains entirely under Azumah’s control and will proceed in line with Ghanaian law.
Speaking on Channel One TV’s The Point of View with Bernard Avle, on Wednesday, July 9, Bright Simons explained his concern: “I got involved because I saw evidence that somebody [E&P] was attempting to claim that Azumah Resources had agreed for their mine to be sold to E&P and that EBID was coming on board to provide resources, I thought that was untrue. That was a very strange problem.
“They [E&P] used Azumah Resources letterheads, creating the impression that Azumah has consented to the Black Volta Mine being sold to E&P, and EBID is coming on board to finance that project.”
The revelation has raised questions about the due diligence process behind the financing deal and the transparency of communication from Engineers & Planners regarding its stake in the project.
Read more…
E&P doesn’t own any shares in our company – Azumah Resources Limited
Engineers & Planners defends $100M Gold deal as historic and apolitical
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