Gold miner Polyus establishes Covid-19 fund

Anastasia Bogdanova | March 31, 2020 | Views: 63 | Source: Mining Weekly

LSE-listed gold producer Polyus, in cooperation with the Far East Development Fund (FEDF), will co-found finance activities aimed at preventing the spread of Covid-19 in the Russian Far East.

The size of the fund is expected to reach ₽1-billion, reflecting donations from different parties.

FEDF and Polyus will donate a total of ₽250-million under the first tranche, which will be used to finance initiatives to help prevent the spread of the virus.

A portion of the first tranche will be allocated to the Magadan region and Yakutia, Polyus’ principal regions of operations in the Russian Far East, and will be used for the procurement of personal protective devices and medical equipment for local hospitals. The remaining portion of the first tranche will be directed to all other regions of the Far Eastern federal district.

It is expected that the remaining ₽750-million will be raised from non-budgetary sources. Other large companies operating in the region or carrying out investment programmes in the Far East have been invited to participate in the programme.

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