In a bid to foster greater transparency and accountability in the natural resources sector, Gemfields, a leading player in the industry, has unveiled updated figures for its groundbreaking 'G-Factor for Natural Resources' initiative. This announcement, made on April 24, 2024, marks another significant step in Gemfields' ongoing commitment to responsible resource management and equitable wealth distribution.
Introduced in July 2021, the 'G-Factor for Natural Resources' serves as a pivotal tool in promoting transparency regarding the allocation of natural resource wealth to host countries across various sectors, including mining, oil, gas, timber, and fishing. It provides stakeholders with a clear and straightforward indicator of the percentage of a company's revenue that is directed towards the host country's government in the form of primary taxes and dividends.
The updated figures, covering the period up to December 31, 2023, reflect Gemfields' dedication to ensuring that its operations contribute positively to the economies of host countries. By disclosing these figures, Gemfields aims to encourage other industry players, governance bodies, and host governments to adopt similar measures, thereby fostering a culture of transparency and accountability throughout the natural resources sector.
Sean Gilbertson, CEO of Gemfields, emphasized the importance of the 'G-Factor for Natural Resources' in facilitating direct comparisons of natural resource wealth sharing among companies. He highlighted its role as a practical indicator, allowing stakeholders to assess the relative efficiency of extractive companies in converting natural resources into wealth for host nations.
Gemfields' commitment to transparency is further underscored by its invitation to industry stakeholders and governance bodies to embrace the 'G-Factor for Natural Resources'. By voluntarily adopting this initiative, companies can demonstrate their commitment to responsible resource management and contribute to the overall transparency and sustainability of the natural resources sector.
The updated figures provided by Gemfields offer insights into the company's contributions to the economies of host countries. For instance, computations for Gemfields' key mining subsidiaries, including the Montepuez ruby mine in Mozambique and the Kagem emerald mine in Zambia, highlight the significant sums paid in mineral royalties, corporation taxes, and dividends to host country governments.
Gemfields' initiative comes at a crucial time when stakeholders are increasingly demanding greater transparency and accountability in the natural resources sector. By embracing initiatives such as the 'G-Factor for Natural Resources', companies can build trust with stakeholders, strengthen governance practices, and contribute to sustainable development in host countries.
In conclusion, Gemfields' release of updated figures for the 'G-Factor for Natural Resources' underscores its commitment to transparency, accountability, and responsible resource management. As the natural resources sector continues to evolve, initiatives like these play a vital role in fostering trust, promoting sustainable development, and driving positive change on a global scale.
