Kagem Mining Hands Over ZMW 38 Million Dividend to IDC
Kagem Mining Limited has demonstrated its commitment to Zambia’s economic development by handing over ZMW 38 million (USD 1.5 million) in dividends to the Industrial Development Corporation (IDC).
The funds, representing dividends from the year 2023, underscore Kagem’s dedication to responsible mining practices and transparent financial management.
As a significant player in Zambia’s gemstone sector, Kagem is known for its adherence to the ‘G-Factor for Natural Resources’ model, championed by its parent company Gemfields.
This model highlights the percentage of a mining company’s revenue paid to the Zambian government in taxes and dividends. For 2023, Kagem’s contribution amounted to ZMW 732 million (USD 28.3 million), reflecting a ‘G-Factor’ of 31%.
Mr. Cornwell Muleya, CEO of IDC, praised Kagem for its consistent value delivery in the gemstone industry, emphasizing the company’s role as a pioneer in Zambia’s mining sector.
“Kagem has not only contributed significantly to the IDC’s returns but has also bolstered Zambia’s economy through its pioneering initiatives,” he remarked.
Dr. Sixtus Mulenga, Chairman of Kagem Mining Limited, highlighted the impact of the ‘G-Factor for Natural Resources’ on Zambia’s investment climate. “By openly sharing the wealth generated from our natural resources, we foster trust and accountability crucial for sustainable growth,” he stated.
Dr. Mulenga commended Zambia’s government for its supportive policies aimed at creating an attractive business environment.
The ZMW 38 million contribution from Kagem will support critical national development projects, including infrastructure, education, and healthcare.
Dr. Mulenga reaffirmed Kagem’s commitment to sustainable resource management and its dedication to enhancing Zambia’s economic and social fabric.
Kagem Mining Limited continues to uphold transparency, integrity, and responsible mining practices, positioning itself as a cornerstone of Zambia’s economic progress.
