In a detailed press statement issued on July 8, 2025, Business Development Director Mr. Emmanuel Erskine laid bare the facts surrounding E&P’s acquisition of Azumah Resources Ghana Ltd.
Amid growing public interest and misinformation—particularly accusations by Bright Simons and others—Erskine clarified timelines, legal actions, and financial arrangements tied to the gold concession deal.
He stressed that the transaction was a legitimate commercial arrangement, not influenced by politics, and marks a historic moment for Ghanaian ownership in the mining sector.
The real story behind E&P’s acquisition of Azumah Resources
1. How it all began
Azumah Resources Ghana Ltd, an Australian-owned company, was granted a gold concession lease by the Government of Ghana in 1992.
Despite holding this concession for three decades, the company failed to carry out any meaningful exploration activity, breaching the terms of the lease.
2. Mounting debts and court action
By 2022, Azumah owed the Ghana Revenue Authority (GRA) and the Minerals Commission over $5 million.
The GRA secured judgments from both the High Court and the Court of Appeal and was preparing to sell Azumah’s assets to recover the debt.
3. The state of the gold market and investor exit
Due to low gold prices and growing financial pressure, the company’s owners decided to exit.
The rising instability in neighbouring Burkina Faso also made the Upper West project unattractive for further investment.
4. E&P steps in with an offer
In May 2023, Azumah’s shareholders offered to sell the concession to E&P for $100 million—despite the project being valued under $80 million. E&P accepted both the offer and the risk.
5. Signing the deal
The Project Acquisition and Development Agreement was signed in October 2023. Under the agreement, E&P would make payments in two phases: one in June 2024 and another in June 2026. This first payment was later shifted to December 31, 2024, by mutual email agreement.
6. Taking control and funding operations
Following the agreement, E&P assumed operational control of the project in November 2023 and began covering the mine’s expenses, including salaries and operational costs—most recently as of June 30, 2025. Two E&P representatives were also appointed to Azumah’s board in January 2024.
7. Financing the project
E&P was tasked with securing financing for the development. Key executives from Azumah even joined E&P officials in Lomé, Togo, to engage EBID. E&P successfully renegotiated Azumah’s existing liabilities and secured support to move the project forward.
8. Dispute over gold price spike
In August 2024, Azumah Director James Wallbank—who was not a signatory to the agreement—attempted to raise the purchase price from $100 million to $300 million, citing a global rise in gold prices. E&P rejected the demand.
9. Legal battles and arbitration
E&P initiated arbitration proceedings and also sought a High Court order in Ghana to continue fulfilling its obligations while awaiting arbitration.
In June 2024, the court upheld E&P’s position, ruling that the contract remained valid and enforceable.
10. Finalising the financing
E&P secured a $100 million facility from EBID to pay the shareholders. The financing was approved after thorough due diligence and without any political involvement.
Addressing misinformation and falsehoods
11. Clearing the air on election timing
Contrary to claims by Bright Simons, the agreement was signed in October 2023—well before the 2024 elections. No government official influenced the deal or its financing.
12. Questionable termination claims
If Azumah truly terminated the deal in December 2024, why did it continue accepting funds from E&P for salaries and operational costs as late as June 2025?
13. The unsigned dissociation letter
The letter circulating online disassociating Azumah from the signing ceremony wasn’t signed by any Azumah director. It originated from a London-based PR firm, likely to avoid contempt of court.
Understanding the motive behind the attacks
14. The real agenda
The campaign by Bright Simons, James Wallbank, and their allies appears aimed at preventing E&P from accessing funds. They know that once E&P secures financing, the agreed payments must be honoured by the shareholders.
The way forward for Ghana’s mining future
15. Regulatory clearance obtained
E&P has received a No Objection Letter from the Minerals Commission, clearing the way for the acquisition to proceed.
16. Development phase begins
E&P will now move forward with development plans and aims to deliver the mine’s first gold production within 36 months.
17. A historic milestone
This marks the first time a wholly owned Ghanaian company has acquired a large-scale gold mine—an unprecedented milestone in the country’s mining sector.
18. A call for national support
Mr. Erskine calls on Ghanaians to support local enterprise. “Let’s not allow mercenaries to derail this historic project. This is not politics—it’s a purely commercial deal,” he stated.
