The construction of Ghana’s newest large-scale gold mine, the Black Volta Gold Project, is set to begin in earnest, estimated to cost over $250 million to develop and operationalise the Black Volta Gold Project in the Upper West Region of Ghana.
Originally estimated at $204 million based on the 2023 Definitive Feasibility Study (DFS), the cost of constructing the mine is currently being reviewed by a global engineering firms to reflect inflation, updated technology requirements, and new infrastructure inputs.
The revised figure is expected to approach $250 million mark, according to company officials.
Meanwhile, offers from prospective investors are already on the table and are currently being reviewed, signalling strong international confidence in the viability and long-term potential of the projects.
While earlier feasibility studies projected a 24-month construction period, Engineers & Planners Company Limited (E&P), and Azumah Resources Gh. officials say the timeline can now be compressed subject to standard lead time protocols with manufacturers to between 13 to 18 months with 24 months as the long stop date, owing to advanced project planning, streamlined financing, and the deployment of two major international partners with deep expertise in mining infrastructure and technology.
World-Class firms onboard
At a press conference in Accra, Mr. Philemon Okyere Danquah, Executive Director, Sustainability and Finance at Azumah Resources Gh. Ltd, announced that SGS Bateman, a global firm with over a century of experience in mine design, infrastructure and delivery to first gold is going through onboarding process subject to all Board and regulatory governance protocols to be appointed as Owbers Engineer of Record, while FLSmidth, a Danish multinational and world leader in gold processing technologies, has been pencilled as the technology partner for the project subject to all Board governance and Regulatory protocols.
“These world-class firms will ensure that the Black Volta Project meets the highest international standards in engineering, safety, and environmental management,” Mr. Danquah said.
All mining permits secured
He confirmed that all necessary mining permits have been secured, technical teams have been fully onboarded, and the financing structure is now set going through standard board review.
“All permits are in place, and the financing has been fully settled. We are now entering the development phase — a new era for Ghana’s gold mining industry, driven by local ownership and global best practices,” he added.
A 30-year journey to full Ghanaian ownership
Tracing the project’s long and complex history, Mr. Danquah recounted how exploration in the Black Volta belt began more than three decades ago.
Exploration started in 1990 when BHP conducted the first geological surveys in the Black Volta area.
By 1998, Ashanti Iam-Gold had made the initial discovery at Kunche, paving the way for Azumah Resources to acquire the concession and list it on the Australian Stock Exchange in 2006.
By 2010, the company had identified close to one million ounces of proven gold reserves, but financial constraints, amidst other considerations at this stage, hindered advancement to the project development phase.
In 2017, Australian investment firm Ibaera Capital entered as an investor, and by 2020, it had taken full control of the project.
However, by 2022, the project had still not advanced to the project development phase based on several constraints, such as delayed financing sign-off and operational cashflow challenges, resulting in stalled work and delayed regulatory clearances.
“Faced with these challenges, Ibaera and its partners reached out to Engineers & Planners for possible collaboration,” Mr. Danquah said.
“After several months of preliminary discussions, E&P conducted due diligence in 2023, which led to an Acquisition and Development Framework Agreement signed in October 2023.”
From that point, E&P began injecting an average of $500,000 monthly into the project to sustain operations and meet critical obligations.
By 2024, the company had secured term sheets from the ECOWAS Bank for International Development (EBID) and the Sprout Group, both of which agreed to support the project’s financing structure and respective stages of acquisition and development.
Following comprehensive due diligence and regulatory approvals, E&P completed the full acquisition of Azumah Resources in 2025, marking the end of a 30-year journey from exploration to Ghanaian ownership.
“This acquisition brings to a close a journey that began in 1990. We have moved from exploration to Ghanaian ownership, and now we stand at the threshold of full-scale development,” Mr. Danquah emphasised.
E&P completes $100m payment
In what mining analysts have hailed as a historic milestone, E&P has successfully paid $100 million in full to acquire Azumah Resources, making it the first large-scale gold mining company in Ghana to be fully owned by Ghanaians.
The payment — completed through the ECOWAS Bank for International Development, with Standard Chartered Bank, London, serving as the correspondent Bank — covers all financial obligations owed to Azumah’s previous foreign shareholders, IGIC of Singapore and Cangol.
A total of $91.9 million ($91,923,963) was paid to IGIC, while $8 million ($8,076,037) was settled to Cangol under a Loan Novation Agreement and a Supplementary Settlement Agreement signed on September 23, 2025.
The transfers officially cement E&P’s position as the sole owner of Azumah Resources and its two major gold concessions — the Black Volta and Sankofa Gold Projects.
Following the transaction, the Board of Azumah Resources was reconstituted to reflect the new Ghanaian ownership.
All foreign directors have resigned, allowing a new Ghanaian management team to take charge of the company’s strategic direction.
A defining moment in Ghana’s mining history
Announcing the transition, Mr. Noel Nii Addo, Chief Executive Officer of Azumah Resources Gh, described the acquisition as “a defining moment” in the history of Ghana’s mining industry.
“The process was long and complex but ultimately successful,” he said, commending the perseverance of both E&P and Azumah teams for navigating demanding negotiations and financing conditions.
“The journey began on July 7, 2025, when Engineers & Planners entered into an agreement with EBID to secure a $100 million facility for the acquisition of Azumah Resources,” he recounted.
“E&P officially took over Azumah on September 5, 2025, after fulfilling the terms of the shareholders’ agreement.”
“As we speak, the single beneficial owner of Azumah Resources is Engineers & Planners, through its Executive Chairman, Mr. Ibrahim Mahama,” he declared to loud applause.
Mr. Addo explained that the transaction comprised two key components — an equity takeover and the settlement of Azumah’s outstanding loan facilities.
“This was about more than just money; it was about restoring ownership and control of Ghana’s mineral wealth to Ghanaian hands,” he emphasised.
He added that the reconstituted board now represents full Ghanaian control, calling the acquisition “a new chapter for Ghana’s mining future.”
“This transition gives us a fresh start — a chance to build a mining company that reflects Ghanaian excellence, responsibility, and innovation,” Mr. Addo noted.
A turning point for local mining
Adding his perspective, Nana Dwemoh Benneh, Non-Executive Director of Azumah Resources Gh, hailed the acquisition as “a turning point in Ghana’s mining history,” celebrating it as a triumph of national pride and self-determination.
“For more than a century, Ghana’s gold wealth has been largely controlled by foreign entities,” he said.
“Today, we are rewriting that history. For the first time, a Ghanaian company owns and controls major gold assets that will generate value directly for Ghanaians.”
He praised Engineers & Planners for its leadership, describing the firm as “a Ghanaian powerhouse with the technical capability, balance sheet strength, and strategic vision to transform the mining sector.”
“The Black Volta and Sankofa projects will open up one of Ghana’s most resource-rich but underdeveloped zones in the Upper West Region, creating jobs, infrastructure, and local economic opportunities,” he stated.
Mr. Benneh said E&P’s investment would create a new growth corridor in the region, spanning roads, housing, water systems, and power connections that would benefit thousands of residents.
He also praised the project’s legal and technical teams — particularly Ghanaian lawyer Mr. Bobby Banson — for their professionalism and diligence throughout the complex transaction.
“The past three months have been a period of intense work and national pride. This transaction proves that Ghanaians can structure and deliver world-class deals in the extractive industry,” he said.
Jobs, infrastructure, and sustainable growth
With the ownership transition complete, Azumah Resources, under its new Ghanaian leadership, is set to begin full-scale mine construction and development of both the Black Volta and Sankofa Gold Projects.
The company has committed to three guiding pillars: local employment, community infrastructure, and environmental sustainability.
E&P plans to prioritise Ghanaian contractors and suppliers wherever possible while investing in training and technology transfer programs to build local technical capacity.
The company’s sustainability strategy also includes reforestation, responsible water management, and land reclamation after mining operations.
According to the board, the new phase of development will generate thousands of direct and indirect jobs, with significant benefits for host communities in Wa, Nadowli, and surrounding districts.
“The benefits of this mine must go beyond gold. It must mean new roads, better schools, cleaner water, and real opportunities for our people,” Mr. Benneh emphasised.
A model for indigenous mining
Industry analysts say E&P’s acquisition of Azumah Resources sets a new benchmark for indigenous participation in Ghana’s mining sector.
The move aligns with the government’s local content policy, which seeks to deepen Ghanaian ownership and control in the extractive industries while maximising local value addition.
Experts also note that the transaction strengthens investor confidence in Ghana’s financial ecosystem by demonstrating that large, complex acquisitions can be structured, financed, and executed locally.
“This deal is a blueprint for future Ghanaian-led mining ventures,” said an analyst at the Ghana Chamber of Mines.
“It shows that with vision, structure, and credibility, local companies can raise the capital and expertise to take charge of their own natural resources.”
A new era of Ghanaian mining excellence
With financing secured, engineering contracts signed, and construction about to begin, the Black Volta Gold Project is now poised to become Ghana’s next major mining success story — and a symbol of national capability.
For the people of Wa and the Upper West Region, who have waited nearly 30 years for this mine to materialise, the development represents not just hope but a transformative opportunity for jobs, infrastructure, and regional growth.
As the machinery rolls in and site works begin, one truth has already been cemented: Ghana now owns what it has long deserved — its own gold destiny.
All the top executives of E&P and Azumah Resources Limited graced the launch event, underscoring the strategic importance of the Black Volta and Sankofa Gold Projects to Ghana’s mining future.
Adding prestige to the occasion was renowned mining magnate Sir Sam Jonah, who attended as the Special Guest.
E&P executives
The E&P delegation was led by its Founder and Chief Executive Officer, Ibrahim Mahama, alongside Sid Steyn, Managing Director and Executive Director; Majeed Abudu, Executive Director, Technical Services; Biliguo Adama, Director of Operations; Rev. Adi Ayitevie, Executive Director, Commercial Services; Emmanuel Kwaw Erskine, Business Development Director; and Philip Addai Mensah, Human Resource Director.
Azumah Resources executives
Representing Azumah Resources were Noel Nii Addo, Chief Executive Officer; Nana Dwemoh Benneh, Non-Executive Director; Hector Amponsah Nyinaku, Director of Administration & Human Resources; Philemon Okyere Danquah, Executive Director, Sustainability & Finance; and Owusu Ansah Anwere, Head of Human Resources.
