When asked this by Andrew Wong about the iron ore sales “It looks like there was a little bit of iron ore sales this quarter. Can you talk about the volumes associated with those sales and what we can expect going forward?”, Paul Vollant said the following:
“Yes. Andrew, we sold limited amount of iron ore this quarter. We had to deliver many sample and trial quantities to various customers in Brazil and outside of Brazil. We're definitely expecting to run that up depending on market condition. As you know, iron ore prices have been quite volatile over the past 6 months. But given prices and market remain as strong as it is today, we're going to continue and increase the sale of this commodity”
Had the Q&A not been interactive (like in the 2 previous Earnings CC) the public would never learn about the iron ore fiasco.
Paul Vollant knowingly / intentionally gave a false / misleading public statement on material information that would influence the investing decisions of the shareholders / investors / market.
Does the constitution of Largo allow such an unethical act by its high ranking officers? Should he be fired / demoted or at least reprimanded appropriately? It would be hard for the shareholders / investors / market to trust him anymore.