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Golden sons rise in the West

Talk at an RBC gold forum in London this week reinforced key themes for sector leaders: the need for careful capital allocation, balance sheet strength, and maximising free cash flow, and a prevailing view that value in brownfields growth rates ahead of M&A. Australia’s next mid-tier gold producer, Westgold Resources, could have been the event’s poster child.

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Golden sons rise in the West

Talk at an RBC gold forum in London this week reinforced key themes for sector leaders: the need for careful capital allocation, balance sheet strength, and maximising free cash flow, and a prevailing view that value in brownfields growth rates ahead of M&A. Australia’s next mid-tier gold producer, Westgold Resources, could have been the event’s poster child.

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Golden sons rise in the West

Fortnum plant in Western Australia's Peak Hill district ... targeted for 70,000ozpa of production

Westgold, set to rejoin the ASX list after a proposed demerger from Metals X – and move straight into the country’s top-10 ASX-listed gold producers, has been built on a platform of astute deal-making and highly disciplined capital use. It generated average cash margins of A$500/ounce (US$375/oz] on 65,000oz of production in the latest quarter.