0107 GMT - How Africa-focused ASX-listed gold miners spend their cash will be a key focus over the years ahead, says Macquarie. The bank expects a material strengthening in the balance sheets of West African Resources and Perseus Mining, despite increased spending on growth. West African Resources intends to increase shareholder returns and Perseus has increased its share buyback, says Macquarie. "Beyond that, we see an opportunity for further project development or strategic M&A targeting asset-life extension or geographical diversification," it says. Among Africa-focused ASX-listed gold miners, Macquarie's key pick "for stability" is Perseus, and "for growth" is Resolute Mining. The valuation of Turaco Gold could expand in line with peers as it advances the Afema gold project, Macquarie says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 28, 2026 21:07 ET (01:07 GMT)

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