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In the paper a calibration study of the local magnitude scale in Slovenia is presented. The Seismology and Geology Office of the Slovenian Environment Agency routinely reports the magnitudes <i>M</i><sub>LV</sub> of the earthquakes recorded by the Slovenian seismic stations. The magnitudes are computed from the maximum vertical component of the ground velocity with the magnitude equation that was derived some thirty years ago by regression analysis of the magnitudes recorded by a Wood-Anderson seismograph in Trieste and a short period seismograph in Ljubljana. In the study the present single magnitude <i>M</i><sub>LV</sub> equation is replaced by a general form of the Richter local magnitude <i>M</i><sub>WA</sub> equation. The attenuation function and station-component corrections that compensate the local effects near seismic stations are determined from the synthetic Wood-Anderson seismograms of a large data set by iterative least-square method. The data set used consists of approximately 18 000 earthquakes during a period of 14 yr, each digitally recorded on up to 29 stations. The derived magnitude equation is used to make the final comparison between the new <i>M</i><sub>WA</sub> magnitudes and the routinely calculated <i>M</i><sub>LV</sub> magnitudes. The results show good overall accordance between both magnitude equations. The main advantage of the introduction of station-component corrections is the reduced uncertainty of the local magnitude that is assigned to a certain earthquake.