The Black Volta Gold Project is expected to produce an average of 163,000 ounces of gold per year
Azumah Resources Ghana Ltd is now under new Ghanaian ownership and management following its acquisition by Engineers & Planners Company Limited (E&P) in a US$100 million transaction.
The deal, which involved the full settlement of US$100 million, grants E&P all rights and interests in the Black Volta and Sankofa Gold Projects.
This landmark acquisition places both projects under the control of the Ghanaian-owned E&P, with significant potential for gold production in Ghana’s Upper West Region.
According to a statement from the company’s newly reconstituted Board of Directors, the acquisition marks the conclusion of the equity transfer process and signals the beginning of a new chapter for Azumah Resources.
Additionally, all former foreign directors have formally stepped down, paving the way for a management team composed entirely of Ghanaian professionals.
Black Volta and Sankofa Gold projects now 100% Ghanaian-controlled – Report
“This is a defining moment for Azumah Resources and for Ghana’s broader mining industry. We are committed to operating in a responsible, transparent, and sustainable manner that delivers real value to local communities and the nation at large,” the statement read.
The new management is expected to begin immediate consultations with regulators and key stakeholders to ensure a smooth transition in full compliance with Ghanaian mining laws and regulations.
As part of its renewed strategy, the company has announced a strong focus on local employment, community development, and environmental protection, which will form the foundation of its development plan for the Black Volta and Sankofa projects.
Once operational, the Black Volta Project is projected to produce an average of 163,000 ounces of gold per year, approximately five tonnes annually, during its first five years. This would represent about 3% of Ghana’s national gold output, which rose to 4.8 million ounces (150 tonnes) in 2024.
As of Friday, October 17, 2025, at 7:00 a.m. GMT, gold prices surged past US$4,370 per ounce, lifting its total market value above US$30 trillion, making it the world’s most valuable asset, surpassing Apple, Nvidia, and the entire cryptocurrency market.
Read the full statement below:
SP/MA
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