Gemfields releases updated ‘G-Factor for Natural Resources’ figures

An image of the Gemfields’ Montepuez mine

Gemfields’ Montepuez mine scored 35% on the G-Factor for Natural Resources in 2023

24th April 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online


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London-listed Gemfields has announced updated ‘G-Factor for Natural Resources’ figures for the 12 months to December 31, 2023, and has also once again invited governance bodies, extractive companies, industry observers and host governments to adopt the ‘G-Factor for Natural Resources’ measure to improve transparency and accountability regarding the share of natural resource wealth paid to a host country’s government.

In July 2021, Gemfields announced the ‘G-Factor for Natural Resources’, a measure promoting greater transparency regarding the level of natural resource wealth shared with the governments of host countries, whether from the mining, oil, gas, timber or fishing sectors.

The measure takes its name from the Gs in government, governance and good practice.

Reporting on the G-Factor computations for its two key mining subsidiaries, the Kagem emerald mine, in Zambia, and the Montepuez ruby mine, in Mozambique, Gemfields notes that the measure provides an uncomplicated indicator of the percentage of a natural resource company’s revenue that is paid to the host country’s government in primary and direct taxes.

As such, it is an indicator of the share of natural resource wealth paid to a host country’s government. It is also an indicator of the efficiency of natural resources companies in converting those natural resources into funds for the host government.

Gemfields’ Kagem mine scored 31% for 2023, while the Montepuez mine scored 35%.

“Given the desire by governments to increase their participation in their country’s natural resources, a practical measure allowing a direct comparison of the sharing of natural resource wealth assists greatly in identifying responsible custodians of host nations’ resources.

“The 'G-Factor for Natural Resources' provides a simple ‘school score’ allowing observers to assess the relative efficiency of extractives companies in converting natural resources into wealth for host-nations,” Gemfields CEO Sean Gilbertson says.

“In order to better align with practices in other countries in our region, we have this year added export duties and levies as an additional parameter in the calculation.

“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 the Extractive Industries Transparency Initiative,” he adds.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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