I think that what you have to buy into here is a dynamic not often seen in commodities based companies - PGL's avowed intention is clear: buy, develop, harvest, sell. ( Its much more opportunistic than, say Richmont, as regards its Faberge interest - and so I don't expect to see long term holds of assets in this share.) You pay for active management - and if it delivers over the appropriate time period you are happy to do so. Me I hate price taking models - and this has more strings to its bow... 10/10 for innovation and enterprise. This is cheap quality. - i.e. quality management.