Azumah Resources: Committed to Ghana's Future
Azumah is focused on moving forward with the development of the Black Volta Gold Mine in the Upper West. John Mason, Spokesperson for Azumah Resources, reinforced Azumah's commitment to Ghana commenting that: ' Azumah Resources is committed to ensuring this project benefits Ghanaians, led by Ghanaians, with partners who are willing and able to build with us. We have a duty to protect Ghana's resources for the benefit of all. This is about doing right by Ghana and Ghanaians. The claims made by E&P in the press are not supported by law or by fact. When we sought to maximise the involvement of Ghana companies, E&P offered to provide more than $250 million in funding but to date has only managed to provide $4m. We are very fortunate to have secured the financial support of international investors that have already developed more than $10 billion of mines globally and they will support the construction of this mine. We are eager to now bring in more money from reputable and hardworking, law abiding Ghana companies and investors that wish to be part of Ghana's next major gold mine. We will not be distracted by noise. We remain focused on lawful development, on transparency, and on building Ghana's future in partnership with the Government of Ghana and in the best interests of our people. We are grateful for the leadership and support of the Government, the Ministry of Lands and Natural Resources, the Minerals Commission and all regulatory authorities, and we stand ready to continue working with them to develop this project in a way that serves Ghana's national interest for generations to come.'
Rob Cicchini, Project Director, Azumah, explained that ' The future of this project should be in the hands of those who can deliver—not those who cannot. A sale to E&P, without a demonstrated ability to fund the full development of the Black Volta Gold Project would not be in Ghana's national interest. Even if E&P could raise the funds to acquire the project, it has already demonstrated - over several years - that it does not have sufficient resources to fund the development. Without that funding, Ghana would suffer. Local communities would suffer. Jobs would be lost. Growth would stall. Azumah Resources is proud to assist the Government of Ghana in delivering real value for all Ghanaians. '
E&P has not made an Offer to Fund or Invest
E&P has yet to provide any formal offer to Azumah either to assist in funding the Black Volta Mine or investing into Azumah. E&P does not own any shares in Azumah.
We are very disappointed that E&P has made and continues to make a number of misleading public statements. Their statements are visible to mining companies around the world and severely impact upon their international standing as a Ghanaian company.
With their reported availability of funds from international banks, Azumah looks forward with great interest to receiving any offer of funding from E&P. However, Azumah takes note of the comments made by E&P in the press and will consider these when evaluating any future potential transaction with E&P.
Azumah's Position
Azumah urges all regulators, financial institutions, potential investors, and the Ghanaian public to disregard this week's staged event and any related claims. The dispute between Azumah and E&P should be resolved through international arbitration and not through media stunts. We invite all stakeholders who require clarification or further information to contact Azumah Ghana directly. We remain fully available to our partners, regulators, and the public to provide accurate information.
Azumah will pursue all available remedies in the arbitration and reserves all rights to protect its interests and the Black Volta Gold Project.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Stocks Slightly Lower as Retailer Earnings Arrive
The S&P 500 Index ($SPX) (SPY) today is down by -0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.52%. September E-mini S&P futures (ESU25) are down -0.13%, and September E-mini Nasdaq futures (NQU25) are down -0.60%. Stock indexes are slightly lower today as retail stocks begin to report their earnings. The weakness in the Magnificent Seven stocks today is weighing on the overall market. More News from Barchart Trade the Warren Buffett Rally in UnitedHealth Stock With This High-Reward, Low-Risk Options Strategy Apple Expects $1.1 Billion Tariff Hit in 4th Quarter After $800 Million Q3 Hit; CEO Tim Cook Warns 'Many Factors That Could Change' Cathie Wood Is Buying BLSH Stock After the Bullish IPO. Should You? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. On the positive side, Home Depot recovered from early losses and is up more than +4% to lead the Dow Jones industrials higher after reporting a +3% jump in July comparable same-store sales. Lowes and Target will report their earnings on Wednesday, and Walmart will report on Thursday. Lower bond yields today are supportive of stocks, with the 10-year T-note yield down -2 bp to 4.31%. US government debt garnered support today after S&P Global Ratings affirmed its AA+ long-term rating and A-1+ short-term rating on US debt and said the US can maintain its credit strength despite the fiscal hit of its recent spending bill because tariff revenues will "generally offset weaker fiscal outcomes." Today's US housing news was mixed. US Jul housing starts unexpectedly rose +5.2% m/m to a 5-month high of 1.428 million, stronger than expectations of a decline to 1.297 million. However, Jul building permits, a proxy for future construction, fell -2.8% m/m to a 5-year low of 1.354 million, weaker than expectations of -0.5% m/m to 1.386 million. Diplomatic talks over the war in Ukraine continue to make headway. Ukraine President Zelenskiy said he came away with a commitment from President Trump late Monday to join security guarantees for any peace deal and reserve discussion on territorial swaps with Russia for later. The outcome of the talks could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security. The focus of the markets this week will be on any new tariff news and signs of progress toward a Ukraine peace deal, with Ukrainian President Zelenskiy and European leaders continuing their meeting with President Trump in Washington. On Wednesday, the minutes of the July 29-30 FOMC meeting will be released. On Thursday, weekly initial unemployment claims are expected to climb by +1,000 to 225,000 and the Aug Philadelphia Fed business outlook survey is expected to fall to 6.7 from 15.9 in July. Also, the Aug S&P manufacturing PMI is expected to remain unchanged at 49.8. In addition, Jul existing home sales are expected to fall -0.3% m/m to 3.92 million. On Friday, Fed Chair Powell speaks on the economic outlook at the Federal Reserve's annual symposium at Jackson Hole, Wyoming. Regarding tariffs, President Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect on Monday and did not exclude goods already in transit. Last Friday, Mr. Trump said, "I'll be setting tariffs next week and the week after on steel and on, I would say chips – chips and semiconductors, we'll be setting sometime next week, week after." Mr. Trump last week said he planned a 100% tariff on semiconductors but would exempt companies that move chip manufacturing to the US. Mr. Trump also mentioned 200% or 300% tariffs on chips. In other recent tariff news, Mr. Trump last Tuesday extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. On August 5, Mr. Trump said that US tariffs on pharmaceutical imports would be announced "within the next week or so." According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 84% at the September 16-17 FOMC meeting, down from 93% last Thursday. The markets are discounting the chances at 53% for a second -25 bp rate cut at the following meeting on October 28-29. Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 92% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates. Overseas stock markets today are mixed. The Euro Stoxx 50 rose to a 4.75-month high and is up +0.75%. China's Shanghai Composite fell from a 10-year high and closed down -0.02%. Japan's Nikkei Stock 225 retreated from a new record high and closed down -0.38%. Interest Rates September 10-year T-notes (ZNU25) today are up +6 ticks, and the 10-year T-note yield is down -2.5 bp to 4.308%. Sep T-notes are moving higher today after S&P Global Ratings said that higher revenues from tariffs will help soften the blow to the US's fiscal health from the president's tax cuts, enabling the country to maintain its AA+ long-term credit rating. The weakness in stocks today is also supporting safe-haven demand for T-notes. Gains in T-notes are limited due to concerns that last week's bearish US July CPI and PPI reports could keep the Fed from cutting interest rates at next month's FOMC meeting. European government bond yields today are moving lower. The 10-year German bund yield is down -0.2 bp to 2.761%. The 10-year UK gilt yield fell from a 2.5-month high of 4.756% and is down by -0.3 bp to 4.735%. Swaps are discounting the chances at 6% for a -25 bp rate cut by the ECB at the September 11 policy meeting. US Stock Movers Viking Therapeutics (VKTX) is down more than -39% after a Phase 2 trial of its oral weight loss drug showed 28% of patients discontinued treatment over tolerability concerns. Fabrinet (FN) is down more than -10% after it said it expects to see a sequential dip in datacom segment revenue in its fiscal Q1, citing supply constraints for some critical components. Medtronic Plc (MDT) is down more than -5% to lead losers in the S&P 500 after reporting Q1 adjusted operating margin of 23.6%, weaker than the consensus of 23.7%. Advanced Micro Devices (AMD) is down more than -3% after GF Securities downgraded the stock to hold from buy. Amer Sports (AS) is down more than -2% after forecasting Q3 adjusted operating margin of 12% to 13%, below the consensus of 13%. Vertiv Holdings (VRT) is down more than -2% after GLJ Research initiated coverage on the stock with a recommendation of sell and a price target of $112. Cybersecurity stocks are climbing today, led by a +4% jump in Palo Alto Networks (PANW) after it forecast 2026 revenue of $10.48 billion-$10.53 billion, stronger than the consensus of $10.44 billion. CyberArk Software Ltd (CYBR) is up more than +5%, and Zscaler (ZS) and CrowdStrike Holdings (CRWD) are up more than +0.50%. Intel (INTC) is up more than +10% to lead gainers in the S&P 500 and Nasdaq 100 after SoftBank Group Corp agreed to buy $2 billion of the company's stock. Home Depot (HD) recovered from an early decline and is up more than +4% to lead gainers in the Dow Jones Industrials after reporting that July comparable same-store sales rose more than +3%. Prologis (PLD) is up more than +3% after Mizuho Securities upgraded the stock to outperform from neutral with a price target of $118. Caterpillar (CAT) is up more than +1% after Evercore ISI upgraded the stock to outperform from in line with a price target of $476. Peabody Energy (BTU) is up more than +1% after deciding to walk away from a $3.8 billion deal to buy the steelmaking coal business from Anglo American Plc following a fire at Anglo's Australian mine. Earnings Reports(8/19/2025) Amer Sports Inc (AS), Home Depot Inc/The (HD), Jack Henry & Associates Inc (JKHY), James Hardie Industries PLC (JHX), Keysight Technologies Inc (KEYS), Medtronic PLC (MDT), Toll Brothers Inc (TOL), Viking Holdings Ltd (VIK). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Waiting to Buy Stocks on a Dip? Here's the S&P 500 Chart Level to Watch
The S&P 500 Index ($SPX) is near its all-time highs, but that doesn't mean traders should be blindly buying at these levels. Instead, John Rowland, CMT, suggests keeping an eye out for a potential pullback to support — and in last Friday's Market on Close livestream, he explained why a recent S&P gap zone is the area he's watching for a short-term correction. Why Gaps Matter Gaps form when an index or stock 'jumps' from one price level to another at the opening bell, leaving a blank space on the chart in between the prior day's close. These blank spots often act as magnets for price action, with markets returning to 'fill the gap' before resuming a trend. For traders, gaps represent both risk and opportunity. More News from Barchart Trade the Warren Buffett Rally in UnitedHealth Stock With This High-Reward, Low-Risk Options Strategy Apple Expects $1.1 Billion Tariff Hit in 4th Quarter After $800 Million Q3 Hit; CEO Tim Cook Warns 'Many Factors That Could Change' Cathie Wood Is Buying BLSH Stock After the Bullish IPO. Should You? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. In the current setup, the S&P 500 is still trading within its upward channel, but John points out that if the index breaks the channel and slips below 6,200 — a key psychological and technical level — traders should be prepared for a deeper correction. The Gap That Started the Rally John highlights one gap in particular that the S&P could be looking to fill, and it's the same gap that kicked off this most recent rally. That zone sits between 6,028 and 6,059 on the S&P 500. If the S&P 500 revisits that level, it would represent about an 8–8.5% pullback from current prices. This would classify as a relatively minor correction, but it's still the kind of dip that could offer investors a much better entry point than chasing all-time highs. Top Takeaways for Traders Don't chase all-time highs: If you've built positions earlier, this is a time to ride the trend, not add exposure. Watch 6,200: A break below here suggests a deeper move down toward the gap zone is possible. Key demand zone: Between 6,028–6,059, where gap support aligns with previous all-time highs. Correction potential: Roughly 8–8.5%, which is healthy in the context of the broader uptrend. Ultimately, John Rowland concludes: 'I love gaps, and I wouldn't be surprised if this market pulls back into that zone. That's where I'd want to be a buyer.' For traders looking to refine their strategy, trading gaps can be an essential skill. And Barchart's screeners for pre-market and post-market gappers make it easy to spot and track these setups daily. Get the quick breakdown from John in this clip, and follow along with Market on Close each Friday for more. On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Trump tariffs ‘could cover costs of big, beautiful bill tax cuts'
Donald Trump's tariffs could generate enough revenues to cover the costs of his sweeping tax cuts, according to one of the world's biggest credit rating agencies. S&P Global said the economic impact of the US president's 'one big beautiful bill' act – which was signed into law in July and includes $3.7 trillion (£2.7 trillion) of tax cuts over the next 10 years – could be offset by his aggressive trade war. The agency's optimistic outlook for the Act led to it holding firm on its AA+ long-term rating for the US. That is in contrast to fellow credit ratings agency Moody's, which downgraded the US from the gold standard AAA sovereign debt rating in May amid concerns about ballooning debt. S&P Global suggested tariffs could soften the blow to the US public finances. Lisa Schineller, an analyst at S&P, said: 'Amid the rise in effective tariff rates, we expect meaningful tariff revenue to generally offset weaker fiscal outcomes that might otherwise be associated with the recent fiscal legislation, which contains both cuts and increases in tax and spending. 'At this time, it appears that meaningful tariff revenue has the potential to offset the deficit-raising aspects of the recent budget legislation.' This will serve to strengthen Mr Trump's controversial tax-cutting bill, which was branded a 'disgusting abomination' by billionaire Elon Musk earlier this year. The bill faced significant opposition before it eventually passed through Congress, with many critics warning it would increase America's vast debt pile. It comes after Mr Trump was recently embroiled in a row with Goldman Sachs about the impact of his tariffs on the US economy. The president criticised David Solomon, the Goldman boss, by claiming that he should 'not bother running a major financial institution' after the bank said American companies would start passing on the costs from tariffs to consumers. He urged Mr Solomon to 'focus on being a DJ', in reference to the Goldman boss's previous hobby moonlighting as a disc jockey under the moniker DJ D-Sol. The US reported a $21bn jump in customs duty collections from Mr Trump's tariffs in July. However, in the same month, the government budget deficit grew by nearly 20pc to $291bn. Concerns about the US debt pile have sent the cost of government borrowing higher, with the US 30-year Treasury bond yield peaking at 5.09pc in May – although it has since fallen back to 4.94pc. Since returning to the White House in January, Mr Trump has imposed sweeping tariffs on global trading partners. The president set a baseline 10pc tariff on all imports to the US, with various additional duties imposed on different countries and products. The US remains involved in trading negotiations with various nations. Mr Trump announced this month that he would extend a suspension of tariffs on China until at least early November after the world's two largest economies briefly imposed levies of more than 100pc on each other. S&P projected the American government deficit would average 6pc of GDP between 2025 and 2028, down from 7.5pc in 2024. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
