Think AGR should be cut some slack with regards to the gold...

Think AGR should be cut some slack with regards to the gold commissioning problems. Yes they have run into cost & time overruns but the alternative to the fast track approach was the more traditional one which would have taken multiple years and probably cost more ultimately in any case.

In terms of the phosphate, 300,000 tonne/pa at a profit of 140 AUD (using 200 for sale price and taking off 60 for costs) gives an annual profit of 42 million which is pretty much their current market cap ...

That would be a potential PE of 1, which is pretty remarkable in itself, and then you can throw in any gold for free ...