Bobby Banson, legal representative for Engineers & Planners (E&P), has dismissed claims suggesting that Ibaera Capital, alleged owner of Azumah Resources Ghana Limited, is involved in the $100 million Black Volta Gold Project acquisition, stating categorically that the Australian investment firm is not a party to the agreement.

The statement comes amid ongoing public disagreements between E&P and Azumah Resources Ghana Limited over the status of the Black Volta Gold Project and claims of ownership and investment contributions.

John Mason, Head of Corporate Affairs at Ibaera Capital in an interview on on Tuesday July 8 indicated that Ibaera Capital owned Azumah Resources Ghana Limited and that there was no sale of the company’s Black Volta Gold Project to E&P.

“This is a very sad moment for Ghana and for Ghanaians as a whole because what we are witnessing here is nothing but what we call draconian tactics to take over a mine that owners have invested more than $100 million to bring it at where it is now.

“As we said we don’t have any agreement or Azumah Black Volta Gold Project has not been sold. We have released a press statement, we have dissociated ourselves from that event. It is an unfortunate situation,” Mason said.

Responding to this, the E&P legal representative emphasised that he has been directly involved in the structuring of the transaction from the beginning in 2023 and not merely relaying second-hand information.

“I have been involved or was involved from the structuring of the deal from 2023 till date. So this is not what a client has told me. This is what I have been part of right from 2023,” he stated.

Clarifying the ownership structure of Azumah Resources Ghana Limited, the company at the centre of the dispute, Banson said: “Ibaera Capital is not a party to the agreement so there is no agreement between E&P and Ibaera Capital…Ibaera Capital does not own Azumah Resources Ghana Limited.”

He explained further that Azumah Resources Ghana Limited is owned by three entities: IGIC Pte, Cangol, and Azumah Resources Australia Limited.

“If you go to the registrar of companies, Azumah Resources Ghana Limited was owned by three companies — one is called IGIC Pte, the other is called Cangol, and the other is Azumah Resource Australia Limited that is based in Australia. Those are the three shareholders of Azumah Resources Ghana Limited,” Banson said.

“There is no relationship between E&P and Ibaera, so I wanted to make that clear,” he concluded.

Engineers & Planners defends $100M Gold deal as historic and apolitical

E&P doesn’t own any shares in our company – Azumah Resources Limited