West Africa-focused Cluff Gold has appointed a New Zealander, mining executive Peter Spivey, to head it.Mr Spivey is an experienced mine developer and operator with 30 years experience in countries such as in Indonesia, Tanzania and Senegal. He most recen
West Africa-focused Cluff Gold has appointed a New Zealander, mining executive Peter Spivey, to head it.
Mr Spivey is an experienced mine developer and operator with 30 years experience in countries such as in Indonesia, Tanzania and Senegal. He most recently ran heavy mineral sands exporter Mineral Deposits, responsible for operating the Sabodala gold mine and Grand Cote mineral sands project, Mining Weekly reported.
He was appointed as chief operating officer earlier this year at Cluff Gold, which is focused on development of gold deposits in West Africa that are amenable to open-pit mining and low-cost production techniques.
The company has a portfolio of mineral interests at various stages of development in Cote d'Ivoire, Burkina Faso, Sierra Leone and Mali and reported a maiden profit in the first-half, helped by higher production at its Kalsaka mine in Burkina Faso.
Company founder Algy Cluff, will step down as chief executive but continue as executive chairman.
Mr Spivey told Reuters that Cluff Gold - whose Angovia mine in Cote d'Ivoire and Kalsaka mine together produce 100 000 ounces of gold a year - will boost production to 250,000 ounces-300,000 ounces by 2013.
"The growth will come when Baomahun [mine project in Sierra Leone] comes on line," said Mr Spivey.
The Baomahun mine is expected to begin production in the first quarter of 2013 and become the company's flagship project, with an average production capacity of 157 000 ounces of gold per year and an eight-year mine life.
"With production growing, costs falling, a strong gold price and the largest project still to come on line, Cluff now looks well positioned to exploit the current favourable market conditions," analyst Asa Bridle of Seymour Pierce said in a note to clients.
Gold prices hit a high on Wednesday at $US1312/ounce on account of a weak dollar.
Cluff Gold expects to maintain profitability if gold prices remain at their current levels or increase further, Mr Spivey said.
Cluff Gold shares on the London Stock Exchange have gained nearly 32 percent in value since the company reported preliminary results in May.
