Ridge Mining claims a 34 per cent nickel, copper and platinum group metals reserve increase at South Africa’s Sheba’s Ridge.

The AIM-quoted company, which began life as Cluff Mining, says an independent audit by SRK Consulting of the feasibility study on the project confirms that Sheba’s Ridge, in South Africa’s Bushveld, contains a potential 740,000 tonnes (1.6 billion lbs) of nickel, 290,000 tonnes (630 million lbs) of copper and 10.7 million oz of platinum group metals. Forecasting annual production of 23,000 tonnes of nickel, 11,000 tonnes of copper and 352,000 oz of platinum group metals, Ridge says it is discussing holding a bankable feasibility study into building an independent smelter for Sheba’s Ridge with its partners, Impala Platinum and Rainbow Minerals.

Ridge, headed by Lonrho platinum veteran Terence Wilkinson, now plans to mine 18 million tonnes of ore over 20 years from Sheba’s Ridge, which the company argues will ‘rank as one of the largest projects of its type in Africa’. Clearly, finance will be needed, but at 120p Ridge’s formerly bombed-out shares, recommended as a ‘punt’ by Growth Company Investor at 36p in 2005, should outperform several sector peers.

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Ridge Mining	AIM	£27.43m	30.00p	0.00p
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