Ferrexpo launches humanitarian fund

Iron ore pellets exporter Ferrexpo has launched a humanitarian fund in order for the group to provide direct support for local communities surrounding its operations and in Ukraine.

Ferrexpo said on Monday that an initial $1.5m had been allocated to the fund, with projects being coordinated by its management team in Ukraine, while the fund was said to have already deployed resources toward the local sourcing of food with a long shelf life, restocking of equipment and basic materials such as blankets for shelters in residential areas and emergency medical supplies for local hospitals and medical facilities.

Funds will be deployed on a daily basis to support the quickly changing situation in the country.

Chief executive Jim North said: "The fund is an important part of our emergency response to the humanitarian needs of our local communities at this difficult time. In addition, 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, including but not limited the advance of salaries and paying taxes, a newly established centre at our operations to provide 24 hour child care, and the provision of psychological support to employees."

As of 0855 GMT, Ferrexpo shares were down 6.39% at 111.40p.