A heated controversy is currently pitting Azumah Resources Ghana Limited, the company holding the Black Volta mining project, against the Ghanaian company Exploration & Production Company Limited (E&P), over the development and financing conditions of this gold deposit located in the Upper West region of Ghana.
In a statement released on July 9, 2025, Azumah Resources expressed concern over E&P’s public statements, which it describes as “misleading”, stating that they harm Ghana’s reputation in international mining investment circles. Azumah claims that, despite statements in the press, E&P has neither made a formal investment offer nor proposed concrete financing for the Black Volta project.
Azumah Resources: a foreign operator active in gold exploration
Azumah Resources Ghana Limited is the local subsidiary of an Australian mining group active in gold exploration in West Africa. It holds the development permit for the Black Volta project, which it presents as a future strategic hub for the Ghanaian mining industry. Azumah indicates that it has already secured the support of international investors who have contributed to major mining projects worldwide, totaling over $10 billion. The company claims to have invested in technical studies, regulatory processes, and community relations around the project. It reaffirms its commitment to transparent, law-abiding development that will benefit the local economy in the long term.
E&P: a Ghanaian company claiming a role in the project
Exploration & Production Company Limited (E&P) is a Ghanaian company operating in the natural resources sector. It claims a role in the development of the Black Volta project and states that it has proposed financing of $250 million to support its deployment. However, according to Azumah, this financing promise has not been followed through, with only contributions totaling $4 million observed to date.
Azumah also specifies that E&P does not hold any stake in its capital and has not submitted any formal investment offers to date. It therefore disputes its counterpart’s statements and asserts that any attempt by E&P to take over the project would not serve the national interest, given the latter’s inability to finance its development in the long term.
An international arbitration case
Faced with this situation, Azumah calls on Ghanaian authorities, financial partners, and potential investors not to take into account E&P’s recent public statements. It believes that the dispute should be settled through international arbitration, rather than through the media. The company states that it reserves the right to take all necessary legal measures to protect its interests and those of the Black Volta project.
In the background, this case highlights the growing tension between established foreign actors and local companies seeking increased participation in the extractive industry, in a context where the Ghanaian government is trying to reconcile attractiveness for investors and promotion of local content.
