Newmont launches $20 million support fund to combat pandemic
Newmont (NYSE: NEM, TSX: NGT), the world’s largest gold miner, announced on Thursday it has established a $20 million fund to help host communities, governments and employees combat the covid-19 pandemic, building upon other local contributions and efforts the company has implemented over the last month.
As part of its latest community support initiative, Newmont will partner with local governments, medical institutions, charities and non-governmental organizations to target funds towards addressing the greatest needs, with a view to serving as a catalyst for long-term resiliency and future community development.
“We have been working closely with host governments and communities to implement strict safety protocols at our sites with physical distancing and reduced workforce presence,” CEO Tom Palmer said n a press release.
“We are also implementing the provision of hygienic and other critical supplies and training and, in certain cases, pre-emptively ramping down operations to safeguard vulnerable communities, or placing operations in care and maintenance to align with government efforts.”
With the fund, the company said it will look to deploy resources across three key areas: employee and community health, food security, and local economic resilience. Newmont added that it will closely monitor the progress and outcomes of the fund, so that it could fine-tune and improve results along the way.
In late March, the company placed four of its operations on care and maintenance as part of its efforts to contain the spread of coronavirus.