Business
Replacement: Half Year Report
Replacement: Half Year Report.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0164U\n Red Rock Resources plc\n 30 March 2021\n \n \n \n \n \n \n \n This announcement replaces the announcement made at 11.49 today with RNS Number 9714T and heading \"Half Year Report\". The Company have re-issued the announcement because of previous formatting issues which have now been corrected.\n \n \n \n \n \n Red Rock Resources PLC\n \n \n (\"Red Rock\" or the \"Company\")\n \n \n Unaudited Half-Yearly Results for the Six Months Ended\n \n \n 31 December 2020\n \n \n \n \n \n \n 30 March 2021\n \n \n Red Rock Resources plc (\"Red Rock\" or \"the Company\"), the natural resources investment, exploration, and development company with interests in manganese, gold, copper and cobalt, and other materials, announces its half-yearly results for the six months ended 31 December 2020.\n \n \n Chairman's Statement\n \n \n After a $400 move upwards to $2,036 per ounce in the gold price in the four months to early August, the succeeding months have seen a 15% retracement in the gold price, and market interest rotating to base metals and then other sectors as a more general recovery in markets took place, and as it began to seem likely that economies would quickly recover much of the lost output resulting from Covid and its associated lockdowns. \n \n \n The world held its nerve largely because of the one economy that showed growth in 2020: China, where post-Covid recovery was rapid and characterised by iron ore demand and steel output exceeding that in the previous year. Growth for the year was 2.3%, with crude steel production up 5.2% to 1.053bn tons, having reached a monthly record in August of 94.85m tons. This was interesting because planning in 2017 had been for reducing steel output to 800m tons by 2020, partly to cut pollution. Faced with declines in output due to Covid, the Chinese leadership decided without hesitation to reverse this and once more to push local infrastructure spending to restore demand, with natural consequences for steel production and for iron ore imports (as well as those of coal and manganese). \n \n \n As after 2008, China acted as the immediate locomotive of recovery, and the psychological effect of their increased demand impacted other markets and so other countries. Projections for world growth in 2021 range from 5.4% to 4%, with th...