RE:RE:Be careful As with most things there's truth to both points of view.
There is currently a massive execution risk discount associated this AGG stock - put another way, the market simply does not believe that Callow can pull it off - whether it be to political risk, financing risk, dilution risk, or even worse.
And Callow can play the blame game, which he does in each and every interview, about recent past and long past management, and the past "stench" associated with AGG and which he inherited, but the reality is that he's now into his 3rd year at the helm of AGG, so that excuse is wafting mighty thin, or as Tree2 might bluntly put it: "the only aroma he is smelling these days is his own" (sorry Tree2 for putting words in your mouth).
And he is big on telling folks that he is a guy who is meticulous on delivering on his promises, which he reminds us in each in every interview and to be fair mostly has, but on the big one ie promising a "transformational" year for AGG, which he's publicly done on numerous occasions. he's failed to deliver - so far (the year is not quite finished and hope springs eternal) and to be clear, AGG including the sulphides in the reserves is not "transformational", he knew and we all knew exactly what was meant by "transformational" - which really points to Callows weakness, which not surprisingly is junior mining finance and M&A : he has shown himself time and time again on the topic to be naiive, a tad bombastic and unmeasured, and not in any evil intent or promotional sort of way, but more innocently simply because at Glencore where be spent alot of time the Engineering and M&A and Finance functions are completely seperate, so he lacks the requiste experience.
But to me af the end of the day and from where I stand now (could always change tomorrow based on better info) if one has managed their costs prudently on this AGG stock over time, which affords a margin of safety that comes with prudent buying, and ultimately affords you the time to see how things pan out good bad or ugly , then it's worth the gamble and AGG for sure is a gamble.