Engineers & Planners (E&P) has completed the full payment of $100 million to the former foreign shareholders of Azumah Resources Ghana Ltd, finalising its acquisition of the Black Volta and Sankofa gold concessions.
According to transaction documents, the two international transfers were effected through the ECOWAS Bank for Investment and Development (EBID) in Lomé, Togo, on October 6 and 7, 2025.
The first transfer of $8.07 million was made to CANGOL PTE Ltd in London, while the second payment of $91.92 million went to IGIC PTE Ltd in Singapore.
The payments represent the final settlement with Azumah Australia and its partners, bringing closure to months of negotiations and disputes over the ownership and control of the concessions.
Speaking at a stakeholder briefing in Accra on Friday, October 17, the Chief Executive Officer of Azumah Resources Ghana, Mr. Noel Nii Addo, confirmed the development.
“E&P officially took over Azumah on September 5, 2025, in accordance with the shareholders’ agreement. The first step was the acquisition of all shares of Azumah, 100 percent, by the beneficial owner of E&P, who is also the beneficial owner of Azumah,” Mr. Addo stated.
“As we speak, the sole equity holder of Azumah Resources Ghana Ltd is E&P through its beneficial owner, Mr. Ibrahim Mahama,” he added.
The acquisition cements E&P’s position as a major Ghanaian player in the mining sector, expanding its footprint from engineering and construction into large-scale gold production.
Source: Myxyzonline.com/Akora Kofi Darko
