Azumah Resources Ghana Limited has disputed Engineers & Planners’ (E&P) claim of securing the Black Volta Gold Project.
According to Azumah, E&P is yet to demonstrate their ability to fund the full development of the Black Volta Gold Project.
A statement released by the company said as at the time it sought to maximise the involvement of Ghanaian entities in the development of the mine, “E&P offered to provide more than $250 million in funding but to date has only managed to provide $4m.”
“The full development of the Black Volta Gold Project would not be in Ghana’s national interest. Even if E&P could raise the funds to acquire the project, it has already demonstrated – over several years – that it does not have sufficient resources to fund the development.”
Expressing displeasure, at E&P’s continuous public showing and ownership of the project, Azumah Resources said, “we are very disappointed that E&P has made and continues to make a number of misleading public statements.”
The statement signed by the company’s spokesperson, John Mason, said the company would look for new Ghanaian investors with the proven track-record to take over the mine.
“We are very fortunate to have secured the financial support of international investors that have already developed more than $10 billion of mines globally and they will support the construction of this mine. We are eager to now bring in more money from reputable and hardworking, law-abiding Ghana companies and investors that wish to be part of Ghana’s next major gold mine.”
“The dispute between Azumah and E&P should be resolved through international arbitration and not through media stunts. We are grateful for the leadership and support of the Government, the Ministry of Lands and Natural Resources, the Minerals Commission and all regulatory authorities, and we stand ready to continue working with them to develop this project in a way that serves Ghana’s national interest for generations to come.” The statement added.
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