Company officials were advised by the authors of the report that a computational error was discovered in the formula pertaining to one section of the report. The error resulted in a portion of the projected revenue not being accounted for in early years of the project, which, together with consequent adjustments to estimates for tax liabilities, resulted in an adjustment to the NPV and IRR results. After correction for this calculation, the Company reports the following amendments to the summary provided on April 13:
- Pre-tax NPV of US$ 875 million with an IRR of 16.6% (previously reported as US$ 821 million with an IRR of 15.7%)
- After-tax NPV of US$ 606 million with an IRR of 14.6% (previously reported as US$ 562 million with an IRR of 13.9%)
- Average pre-tax cash flow of US$ 178 million (previously reported as US$ 177 million).
There were no additional changes to the PEA.
The beauty of this is that we can now file this one under “For Retail Only” and laugh at everything else they ever do.