The dispute over ownership of the Black Volta Gold Mine has escalated into a potential multi-billion-dollar arbitration case, with Azumah Resources Limited denying any lawful transfer of its assets to Engineers & Planners (E&P) and warning of international legal action.
Azumah Resources, an Australian-listed firm with a Ghanaian subsidiary, has described E&P’s reported takeover as “an expropriation of private property” that could expose Ghana to international arbitration and claims in excess of US$1 billion. The company has signaled its readiness to file proceedings at the International Court of Arbitration if the issue is not reversed.
In response, E&P’s legal counsel, Bobby Banson, insists the transfer is legitimate. “As we speak, the sole shareholders of both projects are Engineers & Planners. That process has been completed at the Registrar General’s Department after the ‘no objection’ letter was obtained from the Ministry of Lands and Natural Resources upon the recommendation of the Minerals Commission,” he said in a Citi Business News interview.
The standoff raises questions over the scope of regulatory authority versus shareholder rights. Legal experts note that if Azumah proves it never consented to the transfer, Ghana could face liability for breach of international investment treaties. Conversely, if E&P demonstrates that all approvals were lawfully granted, Azumah’s case may struggle in arbitration.
The battle underscores a broader test for Ghana’s judiciary and international arbitration system: balancing state sovereignty in regulating natural resources against the protection of private investors’ rights under international law.
