Mining firm up 92% y-o-y, while new executive chairman is announced.
Cluff Gold, the West African mining company, is set to expand it links with clients in London and North America, following a increase in EBITDA of 92% in 2011 and the arrival of a new executive chairman.
The firm announced its financial results for the year ending December 31 2011, with a record EBITDA of US $43.5 million (£27.4m), a 92% year-on-year increase compared with 2010, thanks in part to the increasing price of gold but also “strong gold production” from its Kalsaka mine in Burkina Faso.
Now its chief executive Peter Spivey says the company hopes to expand and increase its business in the West, following the appointment of a new executive chairman to replace the company’s founder Algy Cluff in the form of former Collins Stewart head of mining John McGloin. Cluff will now operate as a consultant to the company.
"Cluff Gold has delivered a strong set of financial results for the period, which has strengthened our financial position and which will contribute to our development plans looking forward as we look to take Cluff Gold through to the next phase of growth,” said Spivey.
“Additionally, we warmly welcome John McGloin to the Cluff Gold team. The appointment of John is a necessary step for Cluff Gold. The company has now reached a stage in its development where it needs an executive chairman who can spend significant time liaising with shareholders and the wider financial community in both London and North America whilst helping to define the future corporate strategy of the business.”
Spivey thanked Algy Cluff for his “invaluable contribution” to Cluff Gold. Cluff founded the mining company in 2003, his fourth venture having founded Cluff Oil in 1972.
Cluff said: “I have come to the conclusion that the [Cluff Gold] now requires a strengthening of its executive team with an executive chairman based in London, since our chief executive is quite properly based in West Africa.
“I am pleased to have secured an executive chairman with exceptional technical and financial knowledge and experience to replace me. I look forward to working with the entire executive team as a consultant over the next 12 months during a critical phase of development across our asset base.”
Cluff added that he “firmly believes” the company will add “significant value to its entire asset base over the next few years”, and will himself begin work on a new entrepreneurial project.