Contrary to what most people believe, Motsepe wasn’t born rich, or had any wealthy relatives. Like many black South Africans during apartheid, his parents were ordinary struggling people. 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. Those in the business world will know Motsepe has various other shareholdings in companies serving various https://www.coronation.com/ industries. Patrice Motsepe is one of South Africa’s most successful businessmen, with an estimated net worth of around $3 billion (R55.35 billion). Another major success in the ARC stable is TymeBank, which has seen explosive customer growth since launching in early 2019.
Harmony Gold
In the same year, Motsepe won two major awards, South Africa’s Business Leader of the Year, where he was voted by the chief executive officers of the top 100 companies in South Africa. 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. To make partner at a tender age of 32 wasn’t an easy feat, as Bowman Gilfillan has always been one of the most prestigious law firm in the country, so it probably took something https://www.bidvestbank.co.za/ out of the ordinary.
All the companies Patrice Motsepe owns
In just 3 years, he turned the sasol firm ship around by paying off all the debts and made the necessary foundations to make African Rainbow Minerals to become one of the largest mining companies in the world. After 12 months of being in charge, Motsepe shocked the entire mining industry by making the mines profitable. During that time, Anglo Gold put an $8.2 million price tag on their low-performing small mine shafts, in order to redirect all their focus on the larger and highly performing mines.
- In May 2004, a range of indivisible transactions involving certain interests of Anglovaal Mining, ARM Gold and Harmony, resulted in the formation of two entities, Harmony Gold in its current form, and African Rainbow Minerals.
- UBI has an 18.1% voting stake in Sanlam as its empowerment partner, with Motsepe personally owning 55% of UBI.
- 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.
- His father was a schoolteacher by profession, he was also a small businessman, who owned a spaza shop, mostly frequented by mineworkers.
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Patrice Thlopane Motsepe comes from Ga-Rankuwa, a settlement north of Pretoria, and is the son of chief Augustine Motsepe of the Mamkau branch of the Tswana people. He also sasol gas supply has a majority share in the Mamelodi Sundowns and owns over a third of Blue Bulls rugby. Since 2021, Motsepe has become a more familiar face to African football fans as the president of the Confederation of African Football. Future Mining offered a worker remuneration system comprising a low base salary and added profit-sharing bonuses, which partly contributed to its success. Regarding his education, Motsepe went to a boarding school in the Eastern Cape before studying for a Bachelor of Arts degree at the University of Swaziland.
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Patrice Motsepe’s remarkable journey serves as a testament to his entrepreneurial prowess and strategic vision. Through his diverse business ventures, he has not only amassed immense wealth but also contributed significantly to Africa’s economic growth. In the real estate sector, African Rainbow Capital owns a shareholding in ARC Real Estate, Barlow Park, Majik and Val de Vie.