Cluff Gold on course to hit output target

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NG group Cluff Gold said yesterday it was on course to hit its production targets.

Underlying earnings jumped by 15 per cent in the quarter to 31 March to $5.3m (£3.4m).

Cluff’s main projects are in the Ivory Coast, Burkina Faso and Sierra Leone. The Aim-listed company said its 2012 production guidance remains unchanged at 60-70,000oz, though its first quarter production slipped 26 per cent on a year ago to 12,504oz.

In the first quarter it acquired the Sega project, 20km north of Kalsaka, which the company said immediately helped its cash flow.

Chief executive Peter Spivey said: “Our production performance this quarter was as envisaged in Kalsaka’s mine plan, and we continue to generate healthy cash margins to fund our business development.”

The company said that initial findings at its Yaoure site in Ivory Coast were positive.

John McGloin, former head of mining at Collins Stewart, has been appointed executive chairman.