A case has been filed before the International Chamber of Commerce (ICC) over the Black Volta gold project.
The case involves claims and counterclaims now exceeding US$100 million.
The major issue at hand hinges on a terminated development agreement between Engineers & Planners (E&P), a construction firm owned by Ibrahim Mahama, brother of President John Mahama, and Azumah Resources, a gold developer backed by Australia- and Singapore-based private equity firm Ibaera Capital.
In October 2024, E&P filed a claim alleging that Azumah Resources unlawfully terminated a 2023 agreement that gave E&P responsibility for early-stage mine development, including an option to acquire equity in the project.
Azumah Resources ended the agreement in December 2024, accusing E&P of failing to raise financing, initiate EPC contracts, or commence site works – breaches it claims stalled the timeline of the mine.
The company has since launched a US$100 million counterclaim, citing contractual breaches, misuse of company funds and unauthorised contractual engagements by E&P agents.
In a statement, Azumah Resources said it “denies each and every allegation” and is now advancing the mine’s construction independently, blaming earlier delays on alleged non-performance by E&P and the ongoing arbitration.
The matter is currently before a London-seated ICC tribunal, chaired by Nigerian senior advocate Funke Adekoya SAN, alongside Shadrack Arhin of Ghana and Edwin Glasgow KC of the UK.
E&P is represented by Robert Smith Law Group in Accra, while Azumah Resources is being advised by Steptoe International (London) and Ghanaian law firm Bentsi-Enchill, Letsa & Ankomah.
The Black Volta gold project, situated in northwest Ghana, is regarded as a strategic new asset in the country’s mining pipeline.
Originally scheduled for development in mid-2024, the project has faced significant setbacks due to the legal impasse.
The arbitration ruling could have an impact on both the ownership structure of the mine and broader conversations around contract enforcement and corporate governance in the extractives sector of the country.
By: Rainbowradioonline.com
