Hedging agreements for platinum and rhodium production with companies funding the development of the Blue Ridge mine will be signed in three weeks, Ridge Mining has confirmed.

The mine, which is near Groblersdal, had been due to open in the fourth quarter of next year, with full production capacity of 149,000 oz of platinum group metals expected to be reached by the end of 2008.

However, since the initial feasibility study was performed costs have risen by 30 per cent to $185.9 million, prompting Ridge Mining to negotiate new hedging contracts with the investment banks backing the project, resourceinvestor.com reports.

This, coupled with an existing agreement signed with black empowerment group Imbani Platinum, means that all necessary funding is in place as the project drives towards full production, Francis Johnson, the firm's Commercial Director, said.

Ridge also confirmed it is conducting studies of an area at Sheba's Ridge with a view to constructing a second mine.

Source:

Blue Ridge Development Costs Leap 30%, 01/10/07
http://www.resourceinvestor.com/pebble.asp?relid=36151

http://www.ridgemining.com/

Ÿ Adfero Ltd