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Gemfields releases updated ‘G-Factor for Natural Resources’ figures to 31 December 2025
Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration Number: 47656
South African external company registration number 2009/012636/10
Share code on JSE: GML (General Segment of JSE Main Board) / AIM: GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or "Company")
Gemfields releases updated 'G-Factor for Natural Resources' figures to 31 December 2025
LONDON, 9 APRIL 2026
Gemfields is pleased to confirm its 'G-Factor for Natural Resources' figures for the Kagem emerald
mine in Zambia and Montepuez Ruby Mining in Mozambique, which now stand at 17% and 26%
respectively for the 10-year period from 2016 through 2025. The 'G-Factor for Natural Resources'
reveals the percentage of natural resource revenue paid to the government of the host country in
the form of mineral royalties, corporation tax and, where the relevant government is a shareholder,
dividends.
First announced in 2021, Gemfields shares its 'G-Factor for Natural Resources' annually in an effort
to promote greater transparency and accountability regarding the level of natural resource wealth
shared with the host country's government, whether that value originates from the mining, oil, gas,
timber or fishing sectors. It is also an indicator of the efficiency of natural resources companies in
converting those natural resources into funds for the host government.
Gemfields' CEO, Sean Gilbertson, said:
"Gemfields' 2025 G-Factor for Natural Resources underscores how contributions to host nations vary with market
and operating conditions.
In Mozambique, Montepuez Ruby Mining paid 23% of its revenue to the Government of Mozambique in 2025.
Although total cash payments were lower than in prior years – reflecting reduced premium-ruby output, the postponed
December ruby auction and illegal-mining intrusions – the proportional fiscal contribution remained strong.
At Kagem in Zambia, the one-year G-Factor for Natural Resources was just 6% for 2025, far below its long-term
average. This reflects the halt in mining operations at Kagem from January through April 2025 as a result of
competitor actions in the market and the temporary 15% export tax on precious gemstones, which was lifted by
March 2025. With operations restarted and market conditions improving, we expect Kagem's G-Factor to trend
back toward its long-term average of around 18%.
We remain committed to the transparency provided by the G-Factor for Natural Resources and continue to encourage
broader industry adoption so that host governments and their citizens can better assess the stewardship of their
resources."
G-Factor for Natural Resources computations for Gemfields' two key mining subsidiaries (the Kagem
emerald mine in Zambia and Montepuez Ruby Mining in Mozambique) are set out below:
Montepuez Ruby Mining G-Factor G-Factor G-Factor G-Factor
Limitada (Mozambique), (1 Year) (5 Years) (10 Years) (since
USD million 2025 2021-2025 2016-2025 Gemfields
acquired 75%)
2012-2025
(A) Mineral Royalties Paid 9.5 62.3 111.4 122.4
(B) Corporation Tax Paid 1.8 83.7 164.1 174.4
(C) Dividends to Government (if - - - -
applicable)
(D) Export Taxes/Levies - - - -
Total to Government 11.3 146.0 275.5 296.8
(A+B+C+D)
(E) Total Company Revenue 49.9 632.5 1,071.4 1,222.3
G-Factor, being (A+B+C+D)/E 23% 23% 26% 24%
NOTES: Gemfields announced
the completion of its
acquisition of 75% in
MRM on 27 February
2012. Mining
commenced 2012.
Auctions commenced
2014.
Kagem Mining Limited G-Factor G-Factor G-Factor G-Factor
(Zambia), USD million (1 Year) (5 Years) (10 Years) (since
2025 2021-2025 2016-2025 Gemfields
acquired 75%)
2008-2025
(A) Mineral Royalties Paid 4.5 29.1 47.9 72.8
(B) Corporation Tax Paid 0.4 40.1 60.6 101.6
(C) Dividends to Government (if - 8.0 13.0 20.5
applicable)
(D) Export Taxes/Levies - - 12.4 12.4
Total to Government 4.9 77.2 133.9 207.3
(A+B+C+D)
(E) Total Company Revenue 84.1 504.7 799.0 1,174.7
G-Factor, being (A+B+C+D)/E 6% 15% 17% 18%
NOTES: Kagem reported Gemfields completed
losses in 2024 and the acquisition of a
2025 as a result of 75% interest in
poor market Kagem on 5 June
conditions and a 2008.
suspension of all
mining in the first
half of 2025.
The 'G-Factor for Natural Resources'
The G-Factor for Natural Resources would typically be calculated by each standalone company
engaged primarily in the extraction and sale of natural resources, whether in the mining, oil,
gas, timber or fishing sectors. Accordingly, multi-national natural resource companies would
publish the G-Factor for Natural Resources for each operating subsidiary engaged primarily in the
extraction and sale of natural resources.
The G-Factor for Natural Resources is expressed as a percentage and is calculated as:
Ap + Bp + Cp + Dp
Ep
where:
• A = the total mineral royalty (tax on revenue) paid by the reporting company to the host
country government during the period
• B = the total corporation tax (tax on profit) paid by the reporting company to the host
country government during the period
• C = the dividends paid by the reporting company to the host country government during
the period (where the host country government is a shareholder in the reporting company)
• D = the total export taxes or export levies paid by the reporting company to the host
country government during the period
• E = the total revenues of the reporting company during the period
• p = the relevant period, typically calculated for each of (i) the prior year; (ii) the preceding
5 years and (iii) the preceding 10 years
• The sums actually paid during the period (rather than the sums accrued or falling due during
the period) are used for the purposes of A, B, C and D.
No measure of this type is perfect and it is recognised that:
a. the G-Factor for Natural Resources is a "rule-of-thumb" – while it has broad application and
is a practical indicator, it is not suited to every situation;
b. there are numerous additional and indirect taxes which are not included in the G-Factor for
Natural Resources and which further increase the contribution made to host nations by
natural resource companies. Such taxes include but are not limited to area/surface charges,
social security contributions, taxation on the salaries of employees, import and export
duties, VAT, etc; and
c. the variety and variations in natural resource deposits, types and occurrences lessens the
ability to make direct comparisons between companies.
-ENDS-
Further information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join our investor mailing list, contact us on:
ir@gemfields.com
ENQUIRIES
GEMFIELDS Sean Gilbertson / David Lovett / Heinrich Richter
ir@gemfields.com
T: +44(0) 20 7518 3400
SPONSOR (JSE) Investec Bank Limited
NOMINATED ADVISER Panmure Liberum
(AIM) & BROKER Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100 2222
PRESS ENQUIRES, GEMFIELDS press@gemfields.com
HEAD OFFICE, LONDON
NOTES TO EDITORS
About Gemfields Group Limited
Gemfields is a world-leading miner of coloured gemstones, dual-listed on the Johannesburg and
London AIM stock exchanges.
Gemfields is the operator and 75% owner of both Kagem Mining in Zambia (a world-leading
emerald mine) and Montepuez Ruby Mining in Mozambique (situated on one of the most
significant recently discovered ruby deposits in the world). In addition, Gemfields holds controlling
interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique and
Madagascar.
Gemfields has developed a proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of
Gemfields' business model that has played an important role in the growth of the global coloured
gemstone sector.
GEMFIELDS.COM | INVESTORS | FOUNDATION | INSTAGRAM | FACEBOOK | X | YOUTUBE
KAGEM MINING LINKEDIN | FACEBOOK
MONTEPUEZ RUBY MINING LINKEDIN | FACEBOOK
Date: 09-04-2026 08:00:00
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