Kagem declares $1.5m divident
Brian Mwale-Kagem Mining Limited has declared a $1.5m dividend to government through the Industrial Development Corporation -IDC.
The dividends are for government’s 25 percent stake in the World’s single largest producing Emerald mine based in Lufwanyama.
Kagem Board Chairperson SIXTUS MULENGA says the mine’s parent company London listed Gemfield which owns 75 percent has been meticulous in declaring revenue amounting to $749.7m since taking over in 2008.
Speaking during the handover in Lusaka today, Dr. MULENGA said the dividend which is the first since 2016, is in addition to the 5.6 million dollars mineral royalty tax paid on the sale of emeralds at auction during 2021 and the $11.9m corporation tax payable for the year ended December 31st, 2021.
And IDC Acting Chief Executive Officer HENRY SAKALA said the Corporation’s board is impressed with Kagem’s good performance as it demonstrates the company’s hardwork and dedication.
Mr. SAKALA added that production of premium Gemstones increased by 240 percent last year to 32m Carats from the 9.2m Carats the previous year while revenue grew by 235 percent from $28m in 2020 to $93m last year.