Cape Eu-eur Share News (CAPE)

Cape Resources generated more revenue in the six months to December 2010 than the whole of the previous year but the AIM-quoted diamond producer made a similar loss to the first half of the previous year. Revenues were £1.16m in the six months to December 2010 and there was no revenue in the comparative period. The interim loss remained around £1.1m. There has been a cash inflow in the period with cash in the bank rising to £306,000. Cape sold an average of 500 carats of diamonds a month in the second quarter at and average selling price of $522 a carat. Namane Rresources will take over the day to day management of the Elandsgate mine, where mining operations remain small scale. The restructuring of Cape's liability to IDC is expected to be completed by the end of June. Management is considering broadening the company's asset base but they are not just looking at diamond assets. A deal could involve any other commodity.