Strategic Collaboration and Investment in Ghana’s Mining Sector
Engineers & Planners (E&P), a prominent Ghanaian mining firm, has taken a significant step forward by onboarding leading global mining companies to collaborate on its newly acquired Black Volta and Sankofa gold concessions. This development follows the company’s completion of full payment of US$100 million to the former foreign shareholders of Azumah Resources Ghana Ltd, finalizing its takeover of these strategic gold assets.
Among the international partners is SGS Bateman (Pty) Ltd, a renowned engineering firm with over a century of experience in designing and managing gold mining and mineral processing projects worldwide. Acting as the owner’s engineer, SGS Bateman will work alongside local E&P experts, guiding both the technical and financial steering committees exploring an estimated one million ounces from the mine.
The company’s involvement aims to accelerate production timelines, with E&P targeting full-scale gold output within 13 to 15 months, well ahead of the initially projected 24 months. The investment for this phase is around US$250 million to extract gold from the mines.
The Board of Directors of Azumah Resources Ghana Ltd officially announced that the company is now under new ownership and management. This followed the successful conclusion of negotiations and full settlement by the new shareholder, Engineers & Planners, which paid a total of One Hundred Million United States Dollars (US$100,000,000.00) in exchange for all rights and interests in the Black Volta and Sankofa Gold Projects.
Speaking about the project at the Marriott Hotel in Accra, Philimon Okyere Dankwa, responsible for Finance and Sustainability at Azumah Resources, said that involving global engineering leaders highlights E&P’s dedication to ensuring the project meets the highest international standards.
Another key partner is FLSmidth, the Danish multinational engineering firm with over 140 years of experience in mining and cement plant technologies. FLSmidth has also been brought on as the technology partner for the project, tasked with ensuring that crushers, processing plants, and other critical infrastructure meet international specifications. The company is also expected to deploy its latest gold-processing technologies on the Azumah project, optimizing efficiency and output.
E&P emphasizes that the involvement of SGS Bateman and FLSmidth represents a “creme de la creme” approach, blending local expertise with world-class knowledge and technology to position the Azumah project as one of Ghana’s leading gold producers.
Key Partners and Their Roles
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SGS Bateman (Pty) Ltd: A subsidiary of the Swiss multinational SGS Group, specializing in engineering, procurement, and project management services for the mining and minerals processing industries. The company traces its roots to Bateman Engineering, a South African firm founded in the 1920s, renowned for its expertise in mineral processing and metallurgical plant design. In 2012, SGS acquired Bateman Engineering N.V., integrating its operations under the SGS Bateman brand.
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FLSmidth & Co. A/S: Founded in 1882 in Copenhagen, Denmark, by Frederik Læssøe Smidth, the company has grown into a global leader in engineering solutions for the mining and cement industries. It designs and supplies machinery, plants, and end-to-end services, covering engineering, equipment manufacture, installation, operation, and maintenance support.
Both SGS Bateman (Pty) Ltd and FLSmidth, with a combined experience of 240 years, are recognized for their technical expertise, international reach, and contributions to advancing the mining sector globally.
Their work in Ghana, according to E&P, will emphasize the increasing importance of engineering excellence and project management in promoting industrial development, particularly in resource-rich regions of Africa.
Transition and Future Outlook
Noel Nii Addo described the transaction as representing the final phase of the equity transfer process and cements the transition of Azumah Resources Ghana Ltd into wholly Ghanaian ownership and control, with the prominent Ghanaian businessman, Ibrahim Mahama, as the beneficial shareholder.
With the completion of this transaction, the Board of Directors has been reconstituted to reflect the new ownership structure. All former foreign directors have formally resigned, and a new Ghanaian management team has assumed responsibility for the company’s operations and strategic direction.
It was announced that the board and management will immediately commence engagements with statutory regulators and relevant third-party entities to ensure a smooth transition in full compliance with Ghanaian law and the regulations governing the mining sector.
Azumah Resources Ghana Ltd reaffirms its dedication to developing the Black Volta and Sankofa Gold Projects responsibly, transparently, and sustainably. The company strives to provide tangible benefits for the people of the Upper West Region, the Government and people of Ghana, and its shareholder, Engineers & Planners Company Limited.
The new management will prioritize local employment, community infrastructure, and environmental stewardship as key pillars of the development strategy.
“The conclusion of this transaction and the restructuring of the board mark a defining moment for Azumah Resources Ghana Ltd. We are confident that the new management and shareholders have the capacity, integrity, and commitment to advance the Black Volta and Sankofa projects in line with Ghana’s highest standards of governance and sustainability,” Noel Nii Addo, Chief Executive Officer, stated.
