Azumah Resources, had denied the acquisition, warning that any unauthorised transfer would amount to an expropriation of private property that could expose Ghana to international arbitration and financial claims exceeding US$1 billion, while signaling its intent to escalate the matter to the International Court of Arbitration.

But E&P’s legal representative, Bobby Banson, in a Citi Business News interview said the takeover had been completed, describing Azumah Resources’ statement as illegitimate.

“As we speak the sole shareholders of both projects is Engineers and Planners. That process has been completed at the Registrar Generals Department after the no objection letter was obtained from the ministry of lands and natural resources upon the recommendation of the Minerals Commission,” he said.

“If you look at the statement itself, you should know the statement is not legitimate because the statement was put on the letterhead of Azumah yet it was not signed by or attributed to any known officer of Azumah [Resources Ghana Limited]. The Company that signed the statement is PR company based in London and so it has no weight,” Bobby Banson added.

Meanwhile, the company outlined a structured plan that includes working with the Ghana Revenue Authority (GRA) to audit and confirm loans previously recorded as project investments, repaying genuine debts subject to applicable taxes, to ensure fiscal compliance and safeguard state revenue, and deploying secured funding to commence mine construction and operations within the shortest possible time.

E&P has described the acquisition as both a commercial venture and a national duty, pledging to stimulate local economic activity, create jobs, and contribute royalties and taxes to the state.