Ridge Mining has increased its projected production of platinum group metals (pgms) at its Blue Ridge mining operation from 124,000 oz to 150,000 oz per year.

The adjusted output figure comes as the company is mining more ruthenium and iridium than it had anticipated in response to higher market prices and increased demand for use in electronic consumer goods and hard disks.

Output of the two pgms is now expected to stand at 22,000 oz for ruthenium and 2,500 oz for iridium.

Ridge Mining's earlier projected total output had only taken into account platinum, palladium and rhodium, production of which is expected to stand at 75,000 oz, 35,000 oz and 13,000 oz respectively.

With ruthenium prices currently standing at $750 per oz, increased exploitation of the metal is now expected to bolster the company's revenues to the tune of $10 million annually.

Earlier this week, Ridge Mining announced that a pre-tax loss of $1.2 million, from last year's loss of $2.4 million.

The company's recent performances have been hit by operating losses incurred by debt financing the Sheba's Ridge project in conjunction with the Industrial Development Corporation.

Ÿ Adfero Ltd