Ridge Mining's Blue Ridge project is situated on the Blaauwbank farm, about 30km south-east of Groblersdal, on the eastern limb of the Bushveld Igneous Complex (BIC), South Africa.
Ridge Mining started exploration work on the project in 2001 and completed a feasibility study at the end of 2005. Mine development, estimated to cost $170m, began in January 2007.
The project is a 50:50 joint venture between Ridge Mining and BEE partner Imbani, which had invested more than $100m of equity by December 2008. In December 2007, project finance agreements were signed with a consortium of banks consisting of the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa, Standard Bank and Investec Bank for R715m, giving full finance through to first production, which is set for the end of 2008.
The cash operating cost assumption for Blue Ridge is $660/oz to produce platinum, palladium, rhodium and gold, giving an expected payback period of five years.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment