In a press release after the close of trading on Thursday 14th January, B2Gold (BTG, BTO.TO) used the word “record” eleven times to describe its own performance for the December quarter and for all of 2015. It was “record” full-year and quarterly production, “record” sales, another “record” year, “record” this and “record” that. With all these records you could be forgiven for not noticing that annual production came in below the bottom of the company’s guidance range.
Maybe it’s a character flaw of mine, but I think that before the management of a mining company runs victory laps and gives itself big pats on the back for having achieved record results, it should at least reach the bottom end of its own forecast.
At the other end of the scale we have Endeavour Mining (EDV.TO), which also reported “record” annual production after the close of trading on Thursday. One difference is that EDV’s “record” production was comfortably above the top of the company’s guidance range. Another difference is that EDV only used the word “record” once in its press release — in the context of “outstanding health and safety record”.
Here is a picture of the difference between putting out press releases that make it seem as if you are doing a good job and actually doing a good job.