The figures, calculated for the 10-year period from 2015 to 2024, stand at 20% for Kagem and 25% for Montepuez, reflecting the percentage of natural resource revenue returned to the respective host governments.
The ‘G-Factor for Natural Resources’ metric, first introduced by Gemfields in 2021, measures the proportion of revenue from natural resources that companies pay to their host governments via royalties, corporation taxes, dividends, and export levies. This initiative aims to foster transparency and accountability in how natural resource wealth is shared, allowing governments and citizens clearer insight into the economic benefits generated by mining and other natural resource sectors.
Significantly, Zambia became the first African country to publish ‘G-Factor for Natural Resources’ data for key mining companies on its Zambia Extractive Industry Transparency Initiative (ZEITI) Online Fusion Portal, giving Zambian citizens unprecedented access to information about their country’s resource participation.
Gemfields CEO Sean Gilbertson commented on the 2024 results:
“Gemfields’ 2024 G-Factor for Natural Resources figures highlight how contributions to host countries can vary based on operational and market conditions. Despite challenging circumstances, Montepuez Ruby Mining returned a strong 24% of its revenue to the Mozambican government, supported by a resilient ruby market. Conversely, Kagem faced adverse market conditions for emeralds in the latter half of 2024, leading to losses and suspension of mining operations by year-end. Consequently, Kagem’s 2024 G-Factor dropped to 9%. However, focused mining resumed in May 2025, and if market conditions improve, we expect the G-Factor to return to its long-term average of approximately 19%.”
Gilbertson emphasized Gemfields’ ongoing commitment to transparency:
“While Kagem experienced a difficult year, we remain dedicated to the openness promoted by the G-Factor and hope this encourages broader adoption, enabling governments and their citizens to better understand how resource custodians perform.”
Detailed 2024 G-Factor figures:
Montepuez Ruby Mining (Mozambique)
1-Year G-Factor (2024): 24%
5-Year G-Factor (2020-2024): 26%
10-Year G-Factor (2015-2024): 25%
Total revenue (2024): USD 117.2 million
Total payments to government (2024): USD 28.1 million (royalties + corporation tax)
Kagem Mining Limited (Zambia)
1-Year G-Factor (2024): 9%
5-Year G-Factor (2020-2024): 17%
10-Year G-Factor (2015-2024): 20%
Total revenue (2024): USD 81.7 million
Total payments to government (2024): USD 7.4 million (royalties + taxes + dividends + export levies)
The G-Factor calculation considers actual payments made during the period including mineral royalties, corporation tax, dividends to governments (if applicable), and export taxes/levies, divided by total company revenue.