MagIndustries Corp. (TSX:MAA) has filed an update for its National Instrument 43-101 Technical Report entitled Update of the NI 43-101 Technical Report for MagMineral’s Mengo Permit Area, Kouilou Region, Republic of Congo with respect to the property owned by its 90 percent owned subsidiary MagMinerals Potasses Congo SA. as outlined in MagIndustries’ press release dated November 14, 2013.
As quoted in the press release:
The update announced today arises because during the preparation of the original technical report incorrect information was provided to ERCOSPLAN with respect to energy costs, a key input to calculating operating costs and therefore a material factor in determining the economic merits of the Project. Specifically, energy costs were overstated in the original technical report announced on November 14, 2013 because of a double counting of the natural gas requirement for process heat and on-site co-generation of electricity. On the basis of the data then available operating costs before sustaining capital expenditures were estimated to be US$109.81 per tonne of production. On the basis of the corrected data operating costs are estimated to be US$75.97 per tonne.