Polyus announced that, in cooperation with the Far East Development Fund (“FEDF”), it will co-found a fund to finance activities aimed at preventing the spread of covid-19 in the Russian Far East.
The size of the fund is expected to reach RUB 1 billion (about $12 million) reflecting donations from different parties.
FEDF and Polyus will donate a total of RUB 250 million under the first tranche which will be used to finance initiatives to help prevent the spread of the virus, the companies said in a media release.
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.
Polyus is the largest gold producer in Russia.