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Cluff Gold looks forward to being the first industrial gold mine in Sierra Leone

Cluff Gold looks forward to being the first industrial gold mine in Sierra Leone

Cluff Gold Company with mining operations at Baomahun is looking forward to being the first industrial gold mine in Sierra Leone.  (Photo: Country Manager of Cluff Gold Company Alusine Jalloh is committed to operate the first industrial gold mine in Sierra Leone to promote economic growth and sustainable development)

The company is currently working on a run-of-river 25MW hydro elector power plant to provide power to the mine: infrastructure that will not only benefit the mine, but help to provide long term sustainable power for the country well beyond the timeline envisaged for gold production.

The Country Manager of Cluff Gold Company in Sierra Leone Alusine Jalloh has pioneered a scoping study which was completed in June 2010 which concluded that the current resources are sufficient to sustain a mine producing of an average of 150,000oz/annum.

Cluff Gold is now focused on completing a bankable feasibility study based on an open pit only mine plan, Cluff’s Baomahun project in Sierra Leone is the company’s flagship development project.

Cluff Gold believes in the long term future for its Baomahun project, underlined by recent commitment of US$16m to long lead time infrastructure at the site, focusing on improvements to access roads and site earthworks, which are due to commence in December 2011.

The company have approximately. 3Moz of resources across all three categories grading at 2.3g/t, with significant scope to increase that through on-going programme of exploration.  The project is straight forward – a conventional CIL plant with good recovery from non-refractory ore.

Cluff is a producing West African focused gold miner, aiming to grow into a mid-tier producer by the development of its existing asset base, most notably the Baomahun project here in Sierra Leone, where we hope to produce 150,000oz of gold per annum, with development commencing next year.

Sierra Leone as an investment destination, Pete Gardner the Financial Director of Cluff Gold said “I often find myself explaining to international investors why the country is a great place to do business.”

 He stated that the government deserves a lot of credit for the investment environment it has fostered here in Sierra Leone.

Speaking further during his recent visit to Sierra Leone to attend an investment conference the Financial Director of Cluff Gold said a country needs to attract foreign investment in mining is resources, and in that respect Sierra Leone has no shortage.

But cautioned that resources alone are not enough – there are a number of countries with fantastic potential that do not benefit from mining.

He pointed out that a sensible legal framework for mineral development, and Sierra Leone has been delivered by the 2009 Mines and Minerals Act.  The basic tenures of the act are in his opinion exactly as they should be to encourage investment.

He urged the Government of Sierra Leone to regulate the mining industry, rather than owning mines, which he states that the mining act makes it clear that whilst the underlying minerals belong to the country, the Minister’s job is to ensure that they are investigated and exploited in an effective way and timely manner.

The mining industry will be generated through investment in infrastructure, employment of individuals, increased opportunities for trade in supporting industries, and not least a fair taxation framework.  The government does not demand direct ownership via a free carry in mining projects, which is extremely positive, he said.

He suggested that power should not be vested in a single individual, which can give rise to conflicts of interest. Additionally stating that the mining act sets out clear responsibilities for the minister, director of mines, and other responsible individuals, as all parts of government need to work together to facilitate investment in the mining industry, said Pete Gardner of Cluff Gold

He also said that “the government has increased our confidence to continue to increase our investment portfolio in Sierra Leone.  We thank His Excellency for taking this bold step.”

He said to enable a multi-million dollar investment; a country needs a stable political environment with the support of the government for the mineral resources industry in Sierra Leone.

Cluff Gold Financial Director re-assured those still hesitating to join in investing in Sierra Leone as the country is now open for friendly business partnership.

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