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Cluff Gold plc said Algy Cluff will step down as non-executive chairman at the West-African focused gold miner’s next annual general meeting in May and that John McGloin, previously head of mining at Collins Stewart, will be appointed executive chairman.
Mr Cluff, who founded Cluff Gold in 2003, will take on a chief executive role in a new natural resources company.
“As an entrepreneur, I now plan to focus on new opportunities in natural resources in both Africa and Europe, with a bias towards my original roots in oil and gas,” he said.
He added that he was stepping down as different skills were needed to take Cluff Gold on to the next stage of its development.
Algy Cluff has good nose for picking a good team to lead his ventures; he believes he has succeeded in putting in place a solid team of professionals to take Cluff Gold plc and its subsidiaries in West Africa to the next level.
Cluff Gold SL Country Manager, Alusine Jalloh, when asked whether Mr. Cluff’s departure will not be interpreted negatively had this to say; “The market knows and trusts Mr. Cluff and hence they believ he made the right decision at the right time. The share price of Cluff Gold went up a notch when the news broke. He is leaving a solid team in place. He is also staying on as a consultant especially regarding the African projects which he is really an expert at. Mr. Cluff is not the type that actually retires and you have a safe bet that you will see him involved in Cluff Gold. Our SL project is just about ready to move into the construction stage by the last quarter of this year when the rains cease. On the whole Cluff Gold SL has never looked better. He will be replaced by John McGloin, a Collins Stewart mining analyst. Mr. John McGloin graduated from Camborne school of Mines, one of the top-notch mining schools in the world. Mr. McGloin is no stranger to Cluff Gold as he has been a mining analys for us. He has been involved with our SL project and hence will bring a fresh set of eyes”.
Mr McGloin has held a number of senior technical and analytical positions in the past two decades including four years as a mining analyst at Evolution Securities. A geologist by training, Mr McGloin worked within the mining industry in Africa before moving into consultancy.
The company produced just over 70,000oz of gold last year from its 78%-owned Kalsaka mine in Burkina Faso and is looking to become a mid-tier producer through the development of its wholly owned Baomahun project in Sierra Leone, which is expected to contribute an additional 135,000oz/y of gold starting in 2014
Cluff Gold Sierra Leone is poised to develop its Baomahun project in Southern Sierra Leone.
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