The board of directors of British-based Ferrexpo Plc, which controls in Ukraine, in particular, the Poltava and Yeristovo mining and processing plants (GOK), has approved an increase in the level of financing for the company’s humanitarian fund by $5 million, to $12.5 million.
“The decision to approve additional funding has been made to ensure that the group’s management team is able to continue to respond in an effective and timely manner as the humanitarian crisis unfolds in Ukraine, with assistance being provided to communities across the country,” the group said on its website.
“More recent projects that the group has assisted through the fund, as well as additional funding via the group’s operating subsidiaries, have included the following: the purchase of power generators, fuel, water tanks, and food supplies; purchasing of ambulances for hospitals, as well as equipment for the treatment of wounds; renovation work and provision of facilities in local communities that are being used for accommodation; assisting in the delivery of humanitarian goods from Europe to Ukraine, and the relocation of animals from zoological parks in eastern Ukraine; and the purchase of electronic equipment to assist in documenting the damage being inflicted on communities across Ukraine,” the report says.
“Our efforts through our humanitarian fund are focused on providing direct and relevant financial support to a number of initiatives as we become aware of them, utilizing our experience of operating in Ukraine, and our wide and diverse business network to source goods and services for those in need. The nature and scope of the projects requiring assistance varies from day to day, and we are proud to be able to support communities across Ukraine at this difficult time,” Jim North, the CEO of Ferrexpo, said.
The British Ferrexpo plc, which controls in Ukraine, in particular, the Poltava and Yeristovo mining and processing plants (PGOK and EGOK), together with international partners, will intensify the provision of humanitarian assistance in Ukraine within the framework of the Group’s Humanitarian Fund.
According to a press release from the company on Tuesday, Russia’s invasion of Ukraine is creating a serious humanitarian crisis within the country. The Group continues to provide assistance through the Fund, which includes the implementation of individual projects ranging from $10,000 to more than $1 million.
At the same time, it is specified that support is provided both to communities located directly next to the territory of the industrial activity of the group, and in other regions of Ukraine. So far, Ferrexpo has provided housing and assistance to more than 1,400 refugees displaced by Russia’s invasion of Ukraine.
Among the main projects implemented are the following: provision of temporary housing for internally displaced persons, namely, the provision of rollaway beds, blankets, installation of lighting and the purchase of batteries to charge phones, as well as computer equipment for local authorities coordinating refugee assistance. Also providing fire brigades with radios, satellite phones and protective equipment for search and rescue in communities directly affected by the invasion, the purchase of batteries for cars and batteries for remote charging of mobile phones for public organizations responsible for helping residents of communities.
In addition, medical supplies are supplied to local hospitals from international suppliers.
Ferrexpo notes that the company’s international business partners, including suppliers, customers and contractors, quickly responded and responded to the call to help Ukraine. A number of the group’s partners have already provided direct humanitarian assistance to Ukraine, in particular, food, medicine, baby food and other household goods. The companies also provide financial support to communities living near the territory of the industrial activity of the group.
Chief Executive Officer (CEO) Jim North in his comment noted that the situation in Ukraine is very difficult and continues to deteriorate and Russia continues to invade Ukraine, which leads to a massive resettlement of people to the west of Ukraine, further from the conflict zones. The support of international organizations is indispensable, and every effort is made to provide direct assistance or to coordinate it where possible.
“We are proud and grateful for the response from our business partners who provided funding to meet the humanitarian needs of Ukraine, in particular, goods and services to the population of Ukraine, provided direct support to projects in the region where we operate. We thank our partners for they responded to Ukraine’s request for help, which is vital today for those affected by the Russian invasion,” North was quoted in a press release.
At the same time, he added that the safety of workers in Ukraine remains Ferrexpo’s number one priority: “I would like to thank our colleagues for their support during these times, as well as for helping to ensure the humanitarian needs of the country.”
Ferrexpo is an iron ore company with assets in Ukraine. Ferrexpo owns 100% of the shares of Poltava GOK, 100% of Eristovsky GOK and 99.9% of Belanovsky GOK.
Ferrexpo Plc (the U.K.), which controls Poltava Mining and Yeristovo Mining in Ukraine, has increased the level of approved funding for its Humanitarian Fund to $7.5 million to provide further support to local communities close to the group’s operations, as well as broader support for communities throughout Ukraine.
According to a press release of the group on the London Stock Exchange (LSE) on Monday, following the announcement of the establishment of the fund on 7 March 2022, the Group has been made aware of further projects and initiatives to support the humanitarian relief effort within Ukraine and the group’s Board of Directors has moved to quickly increase the fund’s approved budget accordingly.
Examples of projects that sit within the fund’s activities include the group’s efforts to coordinate the supply and distribution of food packages, the sourcing of basic medical supplies for local hospitals and medical facilities and the provision of meals for local residents of communities surrounding to the group’s operations.
“The situation in Ukraine is rapidly evolving and the fund is intended help enable the group to react quickly to meet the increased needs of Ukraine and our workforce and their families at this difficult time,” the group said.
Ferrexpo Poltava Mining (FPM) and Ferrexpo Yeristovo Mining (FYM), which are the Ferrexpo Group’s subsidiaries, in January 2022, successfully passed a social responsibility audit as per the SMETA methodology, which was carried out by the Intertek international company.
The audit explored the extent of the employees’ social protection and ran across production subdivisions, support services and Administration. Collective and individual interviews were also held at all levels of key and support personnel and contractor workforce.
The approaches of the Companies’ management to the social security of their employees, free transportation to the workplace, high-quality medical care at the company-owned Medical Unit, health and life insurance were positively noted.
The social audit outcomes will be posted on the Sedex platform official website.
Inna Us, Head of Projects and Programmes – Lead Auditor on Social Responsibility and Management Systems of Intertek Ukraine:
“According to the audit data, it has been found that these companies are in compliance with the requirements of the conventions of the International Labor Organization and the SMETA program. The employer provides the conditions for safe work, working hours meet the requirements of Ukrainian Law and industry standards, there is no discrimination and the company is guided by the regulations that fully protect the employees’ rights.”
Yaroslavna Blonska, Head of Sales Europe – External Relations Officer Ferrexpo:
“For the first time, we passed the social responsibility audit using the SMETA methodology and received a high rating from the international company Intertek. The positive opinion of the auditors testifies not only to the high quality of production, but also to the worthy level of social responsibility of our companies. The results of the analysis once again confirmed that Ferrexpo has created the required conditions for safe operation, implements high technologies to reduce the adverse impact of its activities on the environment and is a reliable business partner both in Ukraine and in international markets.”
Audit reference:
Sedex Members EThical Audit is an audit that assesses a company’s compliance with established requirements in four main areas: occupational health and safety, environment, working conditions, and supplier’s goodwill.
The outcomes of the SMETA social responsibility audit are recognized in more than 160 countries of the world and are a weighty and undeniable argument in confirming the company’s compliance with the moral standards of its external and internal business processes.
Company reference:
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO). The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group’s iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo’s operations have been supplying the global steel industry for over 40 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world’s 3 rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. The Group has a global customer base comprising of premium steel mills around the world, which includes steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. For further information, please visit www.ferrexpo.com
Intertek reference:
Intertek is an industry leader with over 43,800 employees from 1,000 offices in over 100 countries. The company helps local and global businesses meet the quality, health, environment, safety and social responsibility standards of virtually every market worldwide. More information can be found at www.intertek.com.
Mining company Ferrexpo with assets in Ukraine has reshuffled its board of directors, changing the scope of responsibility and status of some of its members, the company said in a press release on Friday.
In respect of the role of Senior Independent Director, the Board has elected to appoint Independent Non-executive Director Fiona MacAulay into this role in place of Vitalii Lisovenko, who has completed two and half years in this position.
In turn, Lisovenko will remain as an Independent Nonexecutive Director of the Group, and maintains a strong presence in Ukraine for the Board.
In addition, Independent Non-executive Director Ann-Christin Andersen has been appointed as Chair of the Group’s Health, Safety, Environment and Community (HSEC) Committee, with this change effective as of today.
According to the press release, the Board announced the appointment of Natalie Polischuk as an additional Independent Non-executive Director, increasing the Group’s Independent Non-executive Directors to five. As part of the changes announced Friday, Polischuk has been appointed as a member of both the Audit Committee and HSEC Committee.
Chairman of the Board of Directors Lucio Genovese welcomed McAulay’s appointment as Ferrexpo’s Senior Independent Director amid an uncertain backdrop of the global Covid-19 pandemic.
“As part of the rotation of roles announced today, Ann-Christin Andersen is appointed to the role of Chair of HSEC Committee, which we feel is an excellent fit given Ann-Christin’s background in renewable energy, circular economy sectors and industrial digitalisation. Finally, we are pleased to confirm the appointment of Natalie Polischuk to the Audit and HSEC Committees, who brings a wealth of experience of the Ukrainian business environment,” Genovese said, quoted in the press release.
Ferrexpo is an iron ore company with assets in Ukraine.
Ferrexpo owns 100% of the shares of Poltava Mining, 100% of Yeristovo Mining and 99.9% of Belanovo Mining.
Ferrexpo mining group with assets in Ukraine has appointed Natalia Polischuk, a member of the advisory board of the Dobrobut network of private medical clinics in Ukraine, as independent non-executive director to the Group’s Board of Directors.
According to the company’s press release on Thursday, Polischuk is an economist based in Kyiv, Ukraine, with over 25 years of experience working in the finance sector in both Ukraine and more widely in Eastern Europe, with a number of senior roles at private equity funds in the region, as well as directorships.
Most recently, Polischuk spent seven years heading up the Ukraine office of Advent International, a global private equity firm, developing transactions for the firm’s $1 billion fund focused on Central and Eastern Europe.
Since 2018, Polischuk has served on the Advisory Board of Dobrobut (Ukraine), a private healthcare clinic network provider in Ukraine, and until 2020 she was also a board member and treasurer of Lycée Français Anne de Kyiv, a public co-educational international day school in Kyiv. In recent years, Polischuk has acted as an independent advisor on a number of M&A and due diligence projects in Ukraine.
Polischuk holds a Masters in Business Administration (MBA) from Harvard Business School, Boston, and a Bachelor of Arts degree in Economics from the University of Kyiv-Mohyla Academy, Kyiv (Ukraine).
Chair of Ferrexpo Lucio Genovese pointed to Polischuk’s rich financial experience, as well as a strong understanding of the business landscape within Ukraine.
“Following the appointment of Polischuk, the Group’s Board will comprise eight directors, three of which are female, with this appointment also increasing the Group’s number of independent directors to five,” Genovese said.
Ferrexpo is an iron ore company with assets in Ukraine. According to the company’s presentation, as of October 31, 2020, Fevamotinico S.a.r.l., controlled by Kostiantyn Zhevaho, owns 50% of Ferrexpo, BlackRock holds 4%, Schroders – 4%, Acadian – 3% and M&G also 3%.
Ferrexpo owns 100% of shares in Poltava Mining, 100% in Yeristovo Mining and 99.9% in Belanovo Mining.
