The Black Volta Gold Project is expected to produce an average of 163,000 ounces of gold per year
A new report by norvanreports.com confirms that the Black Volta and Sankofa Gold Projects are now 100% Ghanaian-controlled, following the completion of a $100 million payment by Engineers & Planners (E&P) to the former foreign stakeholders of Azumah Resources Ghana Ltd.
According to the portal, which cited verified banking documents and corporate filings, the transaction, executed through the ECOWAS Bank for Investment and Development (EBID) in Lomé, finalises E&P’s full acquisition of the concessions.
The report further noted that two verified SWIFT transfers, totaling US$100 million, were executed on 6 and 7 October 2025 through EBID. The first transfer of $8.07 million was sent to CANGOL PTE Ltd (London), and the second, $91.92 million, to IGIC PTE Ltd (Singapore), both labelled “Full Payment – Black Volta Gold Acquisition // Engineers and Planners.”
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The payments reportedly mark the final settlement with Azumah Australia and its partner investors, concluding the acquisition and bringing an end to months of public disputes over the ownership and control of the Black Volta and Sankofa Gold projects.
Additionally, Registrar-General filings dated September 3, 2025 had already confirmed E&P as the sole shareholder of both Azumah Resources Ghana Ltd and Upwest Resources Ghana Ltd, following the allotment of 93.4 million and 3 million shares respectively.
Sources told norvanreports.com that all foreign directors have since resigned, leaving Azumah Resources Ghana Ltd as a fully Ghanaian-owned mining company, a first-of-its-kind full buyout of a multinational gold concession by an indigenous firm.
A corporate lawyer contacted by norvanreports.com is quoted to have said, “This transaction has followed due process, looking at the documents available and Ownership of any firm under the circumstances is determined by filings and payment, not by press statements. The evidence is not on social media; it’s in the Registrar’s books and the banking system.”
Meanwhile, E&P is expected to unveil a new Ghanaian board and management structure soon, with plans to advance mine development and community investments in the Upper West Region.
Once operational, the Black Volta project is projected to produce an average of 163,000 ounces of gold per year, marking about five tonnes annually, during its first five years. This would represent roughly 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 7:00AM GMT, gold prices surged past $4,370 per ounce, lifting its total market value above $30 trillion, making it the world’s most valuable asset, surpassing Apple, Nvidia, and the entire cryptocurrency market.
MA