TSX-listed Galane Gold has completed the donation of 17% total issued share capital of Galaxy Gold Mining to the Phakamani Foundation, as part of its empowerment requirements in South Africa.
Phakamani is a development micro-finance institution that provides loans to expose entrepreneurs to training, group loans and ongoing support.
Galaxy operates a gold mine in Barberton, in South Africa’s Mpumalanga province.
Galane CEO Nick Brodie noted Phakami’s aspirations to empower the poorest people within South Africa embody Galaxy’s requirement to empower the historically disadvantaged.
In addition to the donation of the Galaxy shares to Phakamani, Galaxy’s subsidiary Galaxy Gold Reefs has donated 5% of its total issued share capital to a community-based trust and 5% to a local employee share scheme.