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Red Rock Resources says human ingenuity will find solutions, as it posts small profit in interim results

Red Rock has a significant stake in a producing manganese company with a mine in South Africa

Red Rock Resources PLC -

Red Rock Resources PLC (LON:RRR) booked a profit before tax from continuing operations in the six months to 31 December 2019 of £337,000.

Losses in the comparable period a year earlier amounted to £283,000.

Net finance income was at similar levels to that in the comparable period of the previous financial year, at £524,000, but this was not offset as in the previous period by impairments and project development costs.

The group's diluted earnings per share was 0.047p for the half-year.

Red Rock said that its current assumption is that although there are short term effects on the world economy from coronavirus, human ingenuity will find solutions, and the successes of Taiwan, South Korea, Japan, Singapore, and even China in controlling the outbreaks while limiting the damage to economic activity and people's livelihoods will provide some lessons that can be adapted to apply in the Western economies.

Nearer home, the templates of Iceland, Norway and Germany may already offer directly applicable lessons in testing, tracing, and reducing mortality. 

Should this be correct, it said, the bounce-back will be rapid, and the extra liquidity being pumped into economies may assist this.

Red Rock believes its positioning in gold and battery metals will be well-adapted for this environment. It's holding in Jupiter Mines Ltd, a very low-cost major manganese producer, will in the view of the company, also continue to provide support for its asset value as well as providing ongoing cash flow.

The company said, however, that it will also prepare itself for a less benign environment by ensuring that it can turn off a significant proportion of its costs at short notice.

Quick facts: Red Rock Resources PLC

Price: 0.305 GBX

Market: AIM
Market Cap: £2.13 m

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