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The funds will be used to convert the WISCO Sports Stadium, owned by long-standing FMG customer Wuhan Iron & Steel Co, into a 388-bed shelter hospital to treat patients who have been infected by the virus.
"FMG offers our strongest support to the Chinese government and people at this time, as they work with the global community to address this significant challenge," FMG CEO Elizabeth Gaines said.
"The health and safety of the local population in Wuhan is a priority, and we are pleased to provide this donation which will help save lives and contain the spread of the virus.
"FMG has faith in the resilience of the Chinese people and economy, as they continue on their path of urbanisation and development."
It follows news on Wednesday that Rio Tinto would donate US$1 million to the Chinese Red Cross Foundation.
The funds will be used to support hospital upgrades and the purchase of medical supplies in the areas most affected by the outbreak.
"It is deeply concerning to see events unfolding in relation to the coronavirus outbreak, and our thoughts are with the people and families impacted," Rio CEO J-S Jacques said.
"Many of our Chinese partners are playing a vital role on the frontline of containing the outbreak and, as a company with a long-standing partnership with China, we are committed to helping those who need help right now."
In addition to the donation, Rio is working with Chinese partners to identify other practical ways the company can offer support.