UK-based gemstone miner Gemfields reported updated figures regarding the sharing of natural resource wealth in the form of mineral royalties and corporation tax paid to the governments of host countries Zambia and Mozambique, where its gemstone mines are located.<\/p>\n
The mining company said the \u2018G-Factor for Natural Resources\u2019 is a measure promoting greater transparency regarding the level of natural resource wealth shared with the host countries, whether from the mining, oil, gas, timber or fishing sectors.<\/p>\n
In 2022, Gemfields paid mineral royalties of $18.6 million and corporation tax of $25.9 million in Mozambique (with a G-Factor of 27%). Last year, it paid $11.5 million of mineral royalties and $13.3 million of corporation tax in Zambia (with a G-Factor of 17%).<\/p>\n
\u201cGiven the evolution of resource nationalism on the one hand, and increasing strategic competition by companies and states for access to resources on the other, it seems to us that a practical measure allowing more direct comparison of the sharing of natural resource wealth would assist greatly in identifying responsible custodians of host nations\u2019 resources. We hope the G-Factor for Natural Resources will be voluntarily adopted by other companies, insisted upon by host governments and incorporated into projects such as EITI,\u201d said Sean Gilbertson, Gemfields CEO.<\/p>\n
Gemfields\u2019 two key mining subsidiaries are the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique.<\/p>\n","protected":false},"excerpt":{"rendered":"
UK-based gemstone miner Gemfields reported updated figures regarding the sharing of natural resource wealth in the form of mineral royalties and corporation tax paid to the governments of host countries Zambia and Mozambique, where its gemstone mines are located. The mining company said the \u2018G-Factor for Natural Resources\u2019 is a measure promoting greater transparency regarding…<\/p>\n","protected":false},"author":1,"featured_media":19924,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-19923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n