Blue Ridge has announced that it has secured R715 million of funding for the development of its platinum project on the eastern limb of South Africa's Bushveld complex.

The finance had until present been funded through equity from Blue Ridge Platinum and Imbani Platinum, which jointly own the Blue Ridge platinum group metal (pgm) project.

It is anticipated that the mine will provide 149,000 oz of pgms per year when it comes on stream at the end of 2008.

According to Ridge Mining's Chief Executive, Terence Wilkinson, the extra money means that the project will now be completed on time, with first production still scheduled for the final quarter of next year.

Mr Wilkinson added: "As part of the financing package we will lock in prices for a portion of our production and thus take advantage of the current robust pgm price environment to ensure a speedy repayment of these loans."

Source:

Ridge Completes Project funding for Blue Ridge, 13/12/07
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