ASARE KORANG, J.A.
The 1st Plaintiff/Respondent [1st Plaintiff for short hereinafter] was granted, a prospecting license by the Government of Ghana over a piece or parcel of land known as the Obuom concession in the Amensie East District of the Ashanti Region. The 2nd Plaintiff/Respondent [2nd Plaintiff hereinafter] is the Chairman of the 1st Plaintiff.
The 1st Plaintiff on 26th October, 1991, entered into two agreements—an option Agreement [OA] and a Joint Venture Agreement [JVA]—with Oro Sunkwa incorporated [OSI] a mining company based in the USA, the purpose of the agreements being the joint exploration and development of the Obuom Concession.
The Defendant/Appellant [hereinafter called the Defendant-company] was incorporated in December, 1991 under the JVA and OA and after incorporation, the 1st Plaintiff transferred its mineral License in the Obuom Concession to the Defendant-company after the payment of the sum of US $78,000.
It was stipulated in section 2.3 of the OA that OSI would…