The Industrial Development Corporation has congratulated Kagem Mining Limited for declaring its first dividend since 2016.
Speaking during the handover ceremony where Kagem handed over a USD1.5 million cheque to the IDC, IDC Acting Group CEO Mr. Henry Sakala said the declaration of the dividend demonstrated the hard work and dedication that was put into the company’s operations.
Mr. Sakala said IDC expected to see more growth in revenues and profitability going forward, as Kagem continues to grow its footprint in the global gemstone market.
He further said IDC, an investment vehicle of the Government, would ensure the dividends received from its investments were utilized to drive Zambia’s industrialization agenda.
Speaking at the same event, Kagem Board Chairperson Dr Sixtus Mulenga said the dividend declared showed that Kagem had weathered the storm of Covid-19 to deliver a record performance for the 2021 Financial Year.
Dr. Mulenga further said Kagem had given back to the people of Zambia approximately US$ 141 million since the takeover of Gemfields Group Limited in form of corporate taxes, mineral royalties, export duty and dividends.
No dividends from 2016 due to covid? But kwena, our mining just doesn’t help the country.
waiting for further analysis from one former envoy
These are the companies that where heavily supporting PF campaigns at the expense of zambia………….
The deal was you finance PF and you don’t pay dividends and other taxes………
We need an audit of all emerald companies re production and tax ratios……….
It’s not only kagem that hasn’t declared dividends for a long time. Those who know how the system works understand the issue properly. One company gave us dividends after ten years. Since that time we have been paid hefty rewards every March each year.
$1.5million that’s for a handful of polished stones when they are mining tonnes of it…I miss Magufuli he would have fined them billions …this is a joke and nothing to celebrate about its robbery
When Konkola Copper Mines KCM was liquidated among other reasons advanced, dividends were mentioned. It is a very serious offence to fail to pay yearly company profits to the shareholders. Even if it is a loss making financial year, it must be reported and explained. How did they escape for five years?
6 years no profits is no surprise it coincides with Edgar Lazy Lungu’s incompetent corrupt laidback rule, old man Sata was tough on these guys even told them to host auctions in Zambia. Covid wouldnt affect stone auctions when they can do it online…this pantry $1,5 million is just a test to see how the new govt will react if all is well they will continue robbing Zambia. We are better off closing this mine and exporting maize to DRC we can make 100 times the profit. Another reason why there should be no mining in Lower Zambezi.
Mulongoti Machayi – simple they included a higher expenditure because they had the then Mines Minister and PF leadership in their pocket..its only a matter of time. We need to close some of these mines and follow Botswana’s strategy.
No declared dividends since 2016 either the senior govt officials in the previous regime were either doing “Ubomba Mwibala” mentality. From the blues most parastatals have started making profits. Was govt machinery sleeping or people charged with responsibilities just gave a blind eye of what was happening because they were participating in diversion of public resources.
Deja Vu – what do you mean that is how the system worked? Why can’t you just say PF was very corrupt…
2016 to 2022 thats exactly 6 years exactly all a mine can do is remitte 1.5million and its news? 1.5m in Zambian Kwacha = K26m and Faith Musonda was found with K65M kwacha. Kagem mine can make K65m in one day. But all they can do is donate K26m and only after 6years? K26m is money a mine of that size makes from one deal in one week. how many weeks are in 6 years? It tells you to say that with proper investigations there is alot of money these mines were paying to PF rather than remitting dividends and tax.
What a joke??? $1.5million after 6 years, HH this is daylight robbery do something!!!
We wait to hear what emanual mwamba, tiyali , sinkamba and Sean tembo have to say about this…………..??????
When we say these were the companies bankrolling PF to avoid paying dividends and other taxes , this is what we mean………….
I wonder why IDC would parade this nonsense just get the crumbs and eat quietly …can the Board quickly appoint a full time CEO…a cash cow can not be run by a stand in
It looks like in this country even serious business is child’s play. Very sad!
Arrest those 4 thieves posing for you, they are mocking minister Kabuswe.
Not a very informative story. What was the turn over? What was the profit after tax? What was ploughed back as retained earnings? What was the earnings per share? How much did the company pay to the Ministry of Mines in contribution to building a fund to restore the land after mining?
IDC administration is full of PF plunderers.
UPND board must make changes quickly and secure our national assets