Mining company Ferrexpo plc, with assets in Poltava region in central Ukraine, has created a humanitarian fund to directly support local communities in the face of Russian military aggression, initially transferring $1.5 million to it, the company said on Monday.
“The group continues to monitor developments and will respond with additional funding as needed,” the release states.
Money from the fund are used to purchase local food with a long shelf life, replenish stocks of equipment, purchase blankets for shelters in residential areas and emergency supplies for local hospitals and medical facilities.
The report also indicates that Ferrexpo paid an advance to its more than 10,000 employees.
After the start of military aggression by Russia, Ferrexpo on February 25 announced the suspension of shipment of products due to the blocked operation of ports.
Ferrexpo in January-June 2021 received $661.4 million in net profit, which is 2.6 times higher than the same indicator in 2020 ($249.9 million). Its revenue increased by 74.3%, to $1.353 billion.
Since the beginning of the war, Ferrexpo shares have fallen in price on the London Stock Exchange by more than 2.2 times – to GBP1.107 per share.
