In a large saucepan cook onions in butter and olive oil over medium heat until tender. Add uncooked rice. Cook and stir about 1 minute. In another saucepan bring broth to boiling; reduce heat and simmer, covered.
Slowly add 1 cup of hot broth to the rice mixture, stirring constantly. Cook and stir until liquid is absorbed. Continue adding broth, 1/2 cup at a time, stirring constantly until the broth has been absorbed. Repeat with the wine.
The rice should be creamy and barely firm; it should take 30 minutes to get to this point. Stir in the 1/3 cup cheese and remove from heat. Stir in prosciutto and serve.
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