25 May 2012

Interim profits fall at Cluff Gold

12/09/2011 Robert Tyerman

Cluff Gold (CLF) sounds confident about growth prospects despite a 73.5 per cent first-half profits drop to $2.2 million (£1.4 million) pre-tax. The West-Africa focused miner and explorer saw revenues slide 21 per cent to $48 million in the six months to June, as strikes over food prices hit production at Kalsaka in Burkino Faso and political unrest forced the closure of the Angovia mine in Cote d'Ivoire.

AIM and Toronto-quoted Cluff, which lost $976,000 on $116 million revenues last year,  ended June with $17.7 million (£11 million). The company says output at Kalsaka has rallied strongly since June, with production of 16,000 oz of gold in July and August and grades strengthening, and insists it is on track to meet its 2011 target of 70,000 oz.

London-based Cliff Gold sees full operations resuming at Angovia in the first quarter of 2012. The company also indicates it expects a definitive feasibility study during the fourth quarter of this year for its key Baomahun project in Sierra Leone, where it recently cited a 46 per cent increase in measured and inferred resources to 2.1 million oz.

Algy Cluff, the 71-year-old resources entrepreneur who founded Cluff Gold and floated it at 55p in 2004, has relinquished the role of chief executive to Paul Spivey, while remaining non-executive chairman. He and Spivey both reaffirm the view that the company could be producing 250,000 oz of gold a year by 2013.

Recommended by Growth Company Investor at 42.5p in 2009, Cluff Gold shares have traded between 125.75p and 125.75p over the past year and now change hands at 112.75p, down 0.25p this morning, valuing the company at £148 million.

Hold on for the medium term.

Tags: AIM market, Algy Cluff, Burkino Faso, Gold, Kalsaka, Peter Spivey, Strikes

Sector: Mining

Companies: Cluff Gold

Achieve impressive returns

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena

Click here

Achieve impressive returns on the go

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!

Institutional Investors in AIM 2011 - New Report

This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

If you're interested in business tax updates visit our specialist tax guide website.

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Acquisition   Acquisitions   Aim   Aim Market   Boardroom Moves   Breaking-even   British Technology   Cash   China   Commodities   Credit Crunch   Deals & Contracts   Debt   Dividend   Emerging Markets   Full List   Fundraisings   Gold   Growth Company   Growth Stocks   Loss Making   Main Market   Mergers & Acquisitions   New Issues   Penny Shares   Placing   Plus Markets   Profit Warning   Restructuring   South Africa   Speculative Punts   Technology   Trading Update   Turnaround   Undervalued  

Latest News

Gulf starts at Sheikh Adi-2 25/05/2012

Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.

Tags: Doing business in Iraq, Drilling on AIM, Oil on AIM

Sector: Oil & Gas Producers

Companies: Gulf Keystone Petroleum

Shell considers Cove 24/05/2012

Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.

Tags: Bid trumped, Doing business in Mozambique, Oil giants on AIM, Takeovers and bids

Sector: Oil & Gas Producers

Companies: Royal Dutch Shell 'A' , Cove Energy

Roxi reaches 1,360 metres 23/05/2012

Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.

Tags: AIM ventures, Doing business in Kazakhstan, Oil on AIM

Cluff Natural Resources joins AIM 22/05/2012

Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.

Tags: Entrepreneurs on AIM, Gold mining, Oil and gas on AIM

Red Emperor exercises Shabeel 21/05/2012

Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.

Tags: Business in the Puntland, Doing business in Somalia, Drilling for oil & gas, Oil on AIM

Sector: Oil & Gas Producers

Companies: Red Emperor Resources

Heritage happy in Iraq 18/05/2012

Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.

Tags: Doing business in Iraq, Oil on the full list, Oil production, Target depth

Sector: Oil & Gas Producers

Companies: Heritage Oil

More News

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Financial Services   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology