Industrial Development Corporation earns K38 million as dividend from Kagem Mining company

Kagem Mining Limited has reportedly handed over a cheque worth more than K38 million, equivalent to US$1.5 million, to the Industrial Development Corporation (IDC) as a dividend.

IDC holds a 25 percent equity stake in Kagem on behalf of the citizens.

During the cheque handover, Kagem Mining Limited Chairman, Sixtus Mulenga, highlighted the company’s commitment to responsible natural resource management.

“Today [Wednesday], we are here to hand over K38 million (US$1.5 million) to IDC, continuing the momentum from dividends paid in previous financial years. This dividend payment also exemplifies the implementation of the ‘G-Factor for Natural Resources’ championed by Kagem’s parent company, Gemfields Group Limited,” Mulenga said in Lusaka.

Read more: Govt aims for transparency, efficiency in gemstone sector, as Hichilema seeks active participation of Zambians

IDC Chief Executive Officer, Cornwell Muleya, upon receiving the cheque, praised Kagem’s impressive and consistent performance.

Muleya noted that Kagem had been a reliable investment, consistently generating returns.

“In terms of Kagem’s activities and contributions to the gemstone sector, you have not only contributed significantly but have also ensured that the quality of stones extracted in the country gains worldwide recognition,” Muleya stated.

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