Ferrexpo PLC (LSE:FXPO) has announced the creation of a humanitarian fund to provide direct support for local communities surrounding the company’s operations, as well as the citizens of Ukraine.
US$1.5mln has been allocated to the fund so far, with projects being coordinated by the management team in Ukraine, according to a statement.
The exporter of iron ore pellets said the group is working closely with local community leaders, as well as local and national governments, and will monitor the situation closely, providing additional funds if required.
According to the statement, the fund has deployed resources towards the local sourcing of long-life food, equipment, and basic materials such blankets and medical supplies for hospitals.
“We are providing support in many areas, with accommodation available to those seeking refuge from other parts of the country, and we have implemented measures to support our workforce of more than 10,000 people,” said chief executive Jim North.
That includes, according to North, the advance of salaries and paying taxes, a newly established centre to provide 24 hour child care and the provision of psychological support to employees.