By SANFROSSA MANYINDAIN a bid to promote greater transparency regarding the level of natural resource wealth shared with the governments of host countries, Gemfields is inviting governance bodies, mining organizations, industry observers and host governments to adopt the G-Factor for Natural Resources.Gemfields operates the Kagem emerald mine in Lufwanyama district.Kagem and Gemfields CEO Sean Gilbertson said the G-Factor for Natural Resources was intended to be 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.Mr Gilbertson said the G-Factor for Natural Resources was expressed as a percentage and was calculated by adding together mineral royalty tax, corporation tax and dividends paid by the reporting company to the host government.He said the total paid was then divided by the revenue of the company during the relevant period.“The G-Factor for Natural Resources takes its name from the “g’s” in “government”, “governance” and […]
GEMFIELDS SET TO PROMOTE TRANSPARENCY
