Daniel Tellechea https://www.largoinc.com/news/news-details/2023/Largo-Reports-Fourth-Quarter-and-Full-Year-2022-Financial-Results-Highlights-Recent-Strength-in-the-Vanadium-Market-and-Progress-on-its-Two-Pillar-Strategy-as-a-Tier-1-Vanadium-Supplier-and-Emerging-Clean-Energy-Battery-Producer/default.aspx
March 09 2023:
Interim CEO and Director Daniel Tellechea stated, "For Largo, 2022 was a challenging year, which led to an underperformance on both production and cost metrics, particularly in Q4 with the mining disruption caused by record rainfall at our mine, cost inflation of key raw materials and sizeable non-recurring expenditures.
"Although we continue to navigate an inflationary environment, we anticipate delivering and capitalizing on a 10% increase in production for 2023 over 2022, particularly with the recent strengthening of vanadium prices."
Facts:
Largo reported annual V2O5 production of 10,436 tonnes in 2022.
Production guidance for 2023 = 9,000 - 11,000 tonnes = average 10,000 tonnes.
Was the interim CEO Daniel Tellechea so out of touch that he didn’t know about the rainfall impact on the current year production to solemnly declare: “we anticipate delivering and capitalizing on a 10% increase in production for 2023 over 2022” just two months ago?
If CEOs are the public voice of their companies then they must communicate company / vision / values / strategy / performance accurately and take responsibility for their statements. Mr Tellechea must be mindful of his declaration as every word a CEO speaks on behalf of his/her company has consequences. Perhaps not at Largo?