Accra, Ghana Azumah Resources Ghana Ltd and Upwest Resources Ltd (owners of the Black Volta and Sankofa Gold Projects) today confirm the successful transfer of all issued shares of the companies to Engineers & Planners Company Ltd (E&P), following the completion of an agreement with the Ghanaian Beneficial owner of the two companies. The transaction has been duly registered at the Registrar of Companies, marking a decisive step in ensuring the long-term development of these critical mining assets.
The transfer of ownership follows a period of extensive negotiations and legal proceedings that underscored the complexities of international investment in Ghana’s mining sector. With this successful handover of equity ownership, the way is now paved for a new phase of project development led by a Ghanaian operator with proven technical and financial capacity.
Established in 2014 under leases granted by the Government of Ghana, the Black Volta and Sankofa Projects hold significant potential for gold production but have remained undeveloped due to challenges in raising sufficient capital. This transition is therefore a watershed moment, ensuring that the assets will finally be advanced toward production for the benefit of Ghana’s economy and the local communities of the Upper West Region.
Azumah Resources Ghana and Upwest Resources Ghana acknowledge the support of government institutions, regulatory agencies, and local stakeholders throughout the life of the project. The company also extends its gratitude to its workforce and partners who remained committed despite the prolonged delays.
With the transfer completed, Azumah Resources Ghana and Upwest Resources Ghana recognize that the responsibility for developing these resources now rests with Engineers Planners. The companies are confident that E&P, as one of Africa’s leading mining and civil engineering firms with a track record dating back to 1997, is well positioned to bring the projects into production.
The successful transfer demonstrates Ghana’s continuing attractiveness as a mining investment destination and the importance of aligning projects with operators who possess both the technical know-how and the financial strength to deliver. Azumah Resources Ghana and Upwest is proud to have contributed to laying the foundation for what promises to be a major new chapter in Ghana’s mining history.
Source:Lovinghananews.com
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