Pablo building the processing plant is HIS vanity project, he wants to stick his fingers up to the world and say "I told you I could do it".
The problem is how the hell is Pablo and his rag tag team expected to add a 5x increase on processing if / when the 10ktpa approvals come in? Everyone is in fantasy land if they think he will be able to achieve that. And if I am wrong and he does somehow figure a way to crank the plant to 12ktpa total, big effing deal.
Nepotism and vanity are the two biggest risks.
Pablo well and truly has Jerko and all AGY shareholders by the balls and lady bits, and that is the biggest risk to this company.
Jerko needs a Plan B.
Pablo needs a deadline.
As I understand it AGY get ~90% ownership of Puna once the 10ktpa approvals are in.
Now this is wild speculation on my behalf, and there are by no means any shreds of fact in this speculation, but imagine the 10ktpa approvals were deliberately being held up to insulate Pablo until he gets his process working?
I mean, it's not like the population is 20m people.
Again, this is just wild tinfoil hat conspiracy theory stuff, and there are by no means any evidence of this happening.
I get incompetence on behalf of some of the people Puna Mining mush have employed / contracted must be a contributing factor, but 3 years for approvals and for things to not be approved cannot simply be explained away by "we are under resourced".
AGY Price at posting:
13.5¢ Sentiment: None Disclosure: Held
(20min delay)