(REUTERS) --Algy Cluff, resources veteran and one-time owner of The Spectator political weekly, announced on Tuesday he would step down next month as non-executive chairman of Cluff Gold to take on a chief executive role at new resources company.

Cluff, who founded Cluff Gold, his latest resources venture, in 2003, will be replaced by the former head of mining at Collins Stewart, John McGloin, who joins the company as executive director with immediate effect.

Cluff made a fortune from North Sea oil in the 1970s and since founded a number of resources companies.

As an entrepreneur, I now plan to focus on new opportunities in natural resources in both Africa and Europe, with a bias towards my original roots in oil and gas, Cluff said in a statement.

I am excited at resuming the entrepreneurial challenge knowing that I have delivered a strong platform for the next era in the development of Cluff Gold.

Cluff Gold is a gold developer-producer with assets in West Africa and is aiming to become a mid-tier producer through the development of its Baomahun project in Sierra Leone.