A stalwart of the junior gold scene in London since listing eight years ago, Cluff Gold has perhaps not generated the finest of returns for investors - it listed at 55p a share in 2004 and last traded for 76p - but it has been an investor favourite throughout, thanks in some part to founder Algy's old-school charm and regular deal-making.
New executive chairman John McGloin, 49, a well-connected former mining consultant and analyst, nevertheless seems intent on putting his own stamp on Cluff Gold. He says he wants to usher in "a new era" for the company by transforming it into a modern-day, mid-tier gold producer. That means growing production from the current 60,000-70,000 ounces a year to around 130,000 ounces a year in 2016, by extending production at the ageing Kalsaka/Sega gold mine and building a mine at the Baomahun project in Sierra Leone.
It also means stripping the company of its somewhat stuffy, old boys' club feel by giving Cluff Gold's board of directors a facelift. Long-standing directors Tim Wadeson, 75, Ronald Winston, 71, Nicholas Berry, 69, and Robert Danchin, 69, have all tendered their resignations in recent months. Only one new director has been appointed in their stead: 49-year-old Hendrik Faul, the current group head of mining at Anglo American. Despite the new chairman's lofty growth ambitions, the reduction in the number of directors seems here to stay: from 1 October the board will consist of only three executive directors and three non-executive directors, "a more appropriate number for a company of [Cluff's] size". Under Mr Cluff's tenure, the board had swelled to include as many as 12 directors, with non-executives receiving a nifty $44,000 (£27,500) a year on average in 2011 for their services.
What's more, Mr McGloin and chief executive Peter Spivey, 54, decided to rename the company Amara Mining (AMA) last week. Apparently, the word Amara is "of African origin and means grace, eternal and immortal". They have also changed the company logo to the Adinkra fern, meant to represent "endurance and resourcefulness". Mr Cluff, good soul that he is, has given the change of name his blessing.
Finally, as if to sever the last few remaining ties, the new management team has moved Cluff's registered address from the exclusive quarters in St. James's over to offices near Bank tube station, closer to the City's heart.
