After 12 months of being in charge, Motsepe shocked the entire mining industry by making the mines profitable. Bobby handed the mining shafts to Motsepe, under terms which allowed him to repay the $8.2 million debt out of the future earnings of the company. Bobby knew of Motsepe during the time he was providing services with Future Mining, they got to know each other and during that time, he observed Motsepe burning desire to venture into the mining business. He launched Future Mining in 1994, a company which provided necessary chores in mining, which includes the removing of gold dust inside mine shafts for the Vaal Reefs Gold. Shortly after the ANC won the 1994 democratic elections, Nelson Mandela became President of the country and his government made favorable policies to support black businesses. After matriculating, he proceeded to obtain a bachelor of arts degree at the University of Swaziland, which was subsequently followed by a law degree from the University of the Witwatersrand.
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He also owns an estate called Val de Vie Evergreen, known for its equestrian farm, golf courses, restaurants, wineries, and wellness centres. This acquisition included the entire phase of Pearl Valley and the hotel site, further establishing Motsepe as a prominent property investor. He has two siblings, Bridgette Radebe, South Africa’s first black female mining entrepreneur, and Dr. Tshepo Motsepe-Ramaphosa, a renowned medical doctor married to Cyril Ramaphosa, the President of South Africa. At the age of 61, Patrice Motsepe has achieved a lot of success in the business world.
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His success led him to acquire marginal gold mines from AngloGold, leading to the formation of ARMgold and later African Rainbow Minerals (ARM) in 2004. Much of Motsepe’s wealth growth in recent years has come through the telecoms market, with African Rainbow Capital’s significant shareholding in mobile network operator Rain. At the age of 46, in 2008, Motsepe made history as the first black African billionaire to grace the prestigious Forbes list, an extraordinary achievement fueled by his extensive investments in the mining industry. Patrice Motsepe is one of South Africa’s most successful businessmen with shareholdings in many of the country’s top companies, including Sanlam, Rain, Alexander Forbes, and TymeBank. Motsepe took African Rainbow Minerals (ARM) public in 2002, which has interests in a wide range of mines, including platinum, coal, iron, https://www.capitecbank.co.za/ copper, and gold.
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- The strong performance was driven by a sharp rise in international sales, even as global trade faced economic and geopolitical pressures.
- ARMgold paved the way for Motsepe to establish African Rainbow Minerals (ARM) in 2004 after ARMgold merged with Harmony and scooped up Anglovaal mining.
- ARC also owns a 20% stake in cape Town based exchange, A2X, which was officially launched in 2014 by Sean Melnick, Ashley Mendelowitz, and Kevin Brady.
Through his diverse ventures in mining, finance, sports, and media, Motsepe’s impact on the continent’s economy is undeniable. Let’s dive into the remarkable story of Patrice Motsepe’s life, achievements, and the companies that have cemented his legacy. He wears many hats, including investor, executive, businessman, and futurist – roles that have paid him so well. In the late 1990s, Motsepe scooped up multiple marginal gold mines from AngloGold and formed ARMgold, which would become the source of his initial wealth. His father was a schoolteacher and later owned a spaza shop, where Motsepe was taught basic business skills. Those in the business world will know Motsepe has various other shareholdings in companies serving various industries.
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Patrice’s father was a school teacher, and a small businessman, who owned a spaza shop that provided essentials for mineworkers at a closeby platinum mine. Beyond the mining sector, Motsepe is involved in other companies too, both locally and abroad, some of which have him on their board as an executive member. He began by focusing on the gold metal alone, but as the years went by, the company started expanding its interests to base metals, iron ore, manganese ore, alloys, sasol south africa limited platinum group metals, copper, nickel, and coal.
She is a doctor and a philanthropist who is also involved in the fashion industry. Precious started her career as a medical emergency https://www.bidvestbank.co.za/ practitioner, focusing on children’s and women’s health. Born on August 2, 1962, she attended the University of the Witwatersrand in Johannesburg. Beyond his business ventures, Motsepe is also known for his philanthropic efforts. With varying ownership levels across many listed and unlisted companies in and beyond South Africa, UBI is a Black-owned and controlled company that was created in 2004 to build black-controlled capital. In the real estate sector, African Rainbow Capital owns a shareholding in ARC Real Estate, Barlow Park, Majik and Val de Vie.
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Through this new initiative, domestic workers and other third parties can access primary healthcare coverage starting at just R139 per month. This low monthly fee will grant them access to services from a network of over 12,000 doctors, pharmacists, and other healthcare providers. Keita was a legendary figure in African football, being the first African player to receive the CAF Award for African Player of the Year in 1970. Additionally, he was part of the National Team of Mali that finished second in the CAF Africa Cup of Nations in 1972. In addition to his impressive car collection, Patrice Motsepe also owns a private jet.