Gemfields Reveals 2024 Contributions from Kagem and Montepuez Mines
Gemfields, the parent company of Kagem Mining Limited, has released its updated ‘G-Factor for Natural Resources’ figures, reaffirming its commitment to transparency and resource accountability.
For the 10-year period from 2015 to 2024, the Kagem emerald mine in Zambia recorded a G-Factor of 20%, while the Montepuez ruby mine in Mozambique posted a G-Factor of 25%.
The ‘G-Factor for Natural Resources’ measures the share of natural resource revenues paid to a host government in the form of royalties, taxes, dividends, and export levies. Introduced by Gemfields in 2021, it promotes transparency by showing how effectively a company converts resource wealth into public revenue.
In a statement, Gemfields CEO Sean Gilbertson acknowledged the impact of market volatility on Kagem’s operations. “Due to a sharp downturn in Zambian emerald prices during the second half of 2024, Kagem reported losses, suspended mining operations at year-end, and saw its annual G-Factor fall to just 9%,” he said. “However, mining resumed in May 2025, and if market conditions continue improving, we expect Kagem to return to its long-term average G-Factor of around 19%.”
By contrast, Montepuez Ruby Mining in Mozambique benefited from a resilient ruby market in 2024, enabling it to return 24% of its revenue to the government.
In a historic step for accountability, Zambia became the first African nation to publish G-Factor data for mining companies on the ZEITI Online Fusion Portal (http://portal.zambiaeiti.org), allowing citizens to track the nation’s share in its natural resource sector.
Gilbertson emphasized the value of the G-Factor model: “We believe this kind of transparency empowers citizens and encourages industry-wide adoption of responsible mining practices.”
Gemfields continues to advocate for the G-Factor as a benchmark for companies engaged in the extraction and sale of natural resources—from mining to fishing—and calls for broader industry uptake to help host nations fairly evaluate the performance of their resource custodians.
