Patrice Motsepe is a very wealthy and influential business baron who hails from Tswana, in South Africa.
He established the African Rainbow Minerals which is interested in ferrous metals, platinum, gold and base metals.
Patrice Motsepe is also the non-executive chairman of Harmony Gold which is 12th largest gold mining company in the world.
Patrice Motsepe is among the board of directors in several companies in the world, and also the deputy chairman of Sanlam. The business baron became the richest man in South Africa in 2012.
This article will take a look at Patrice Motsepe’s net worth and biography.
Patrice Motsepe profile
- Net worth: $2.1 billion
- Full Name: Patrice Thlopan Motsepe
- Date of Birth: 28th January, 1962(58 years old)
- Nationality: South African
- Education: University of Witwatersrand and University of Swaziland
- Occupation: Business man
- Marital Status: Married
Patrice Motsepe Early Life
Patrice Motsepe was born on January 28,1962, to the chief of Mmakau branch of the Tswana people by name Kgosi Augustine Motsepe.
Motsepe’s father Kgosi was a former school teacher, but later going in to business, he later owned a small scale business (Spaza shop) which was very popular with mine workers.
It was from this mining business that Motsepe got the basic knowledge about mining from his father’s mining business.
He is a degree holder in law at the the university of Witwatersrand and the university of Swaziland where he obtained his B. A degree.
Patrice Motsepe Career
Patrice Motsepe was the first black in Bowman Gilfillan law firm in 1994, the same year the legendary president of South Africa, Nelson Mandela was elected.
Motsepe subsequently established Future Mining at the time the in-power government was promoting black empowerment and entrepreneurship.
This mining company provided contract relating to mining which involved cleaning of gold dust from inside mine shafts for Vaal Reeefs Gold.
Motsepe purchased a marginal gold mine from Anglo gold at a time price of gold was low coupled with favorable financial terms, in 1997.
Motsepe bought six gold mine worth $7.7 million from Anglo gold, which allowed him to pay back the debt from future earnings of the company presently known as African Rainbow Minerals.
He further established a firm to begin purchasing the operating mines which subsequently became his source of wealth.
Patrice Motsepe formed a team which consisted of two of his partners and himself to established Greene and Partners Investments.
The laws governing the Black Economic Empowerment which was introduced in 1994,have been subservient in cementing Motsepe’s position in the mining industry in South Africa.
The law stated that for a business to be given a mining license, it must have at least 26% of black ownership.
The African Rainbow Minerals which was controlled by Motsepe later merged with Harmony Gold Mining Ltd to form a new company named ARMgold, after it (African Rainbow Minerals) was enlisted in JSE Security Exchange in 2002.
Patrice Motsepe also founded ARM Consortium Limited and African Rainbow Minerals Platinum limited. Though the ownership of the company was later shared equally with Anglo American Platinum Corp Ltd.
He was later appointed chairman of several companies like: Ubuntu-Botho Investments, Teal Exploration and Mining Incorporated. He also served in the position of deputy chairman of Sanlam Ltd.
Patrice Motsepe founded Ubuntu-Botho Investments in 2003, where he later owned 55% of it in 2019. Ubuntu-Botho Investments later struck a Black Economic Empowerment (BEE) deal in 2004,with insurance and financial services company, Sanlam.
The deal was later terminated in 2014 after paying the debt it owed Sanlam. Ubuntu-Botho Investments (UBI) owns 13.5% of Sanlam where it has 18.1% voting stakes its BEE associate.
African Rainbow Capital (which has Johan van Zyl as its joint executive) which is a complete subordinate to UBI, was formed, still by UBI. African Rainbow Capital also has holdings in upward of forty companies, including luxury property estate Val de Vie, industrial group Afrimat etc.
It is worthy of note that the wealthy business mogul has passion for sports so it is no surprising that he is the proud owner of Mamelodi Sundowns Football Club which plays on the South African premier league.
In terms of advocacy, Patrice Motsepe is the meantime chairman of the Black Business Council, as well as the co-founder and president emeritus of One of South Africa’s most prominent and influential business advocacy and lobby group Business Unity, South Africa.
Patrice Motsepe Achievements
The great received the Best Entrepreneur Award, South Africa, in 2002.Patrice Motsepe was voted 39th among South African Broadcasting Corporations Great South Africans. He was ranked 962 on the list of the world’s most wealthy persons.
He came third on south Africa list of wealthiest persons in 2019. Presently, Patrice Motsepe is ranked 1,307th by Forbes on the list of wealthiest persons in the world.
Patrice Motsepe personal life
Patrice Motsepe is married to a doctor, fashion entrepreneur and physician by name Dr. Precious Moloi. Their marriage is blessed with three lovely children.
Patrice Motsepe Net Worth
Currently, Patrice Motsepe is worth $2.1billion according to Forbes.