Patrice Motsepe is a billionaire South African businessman with interest in mining. He became known as the founder ane executive chairman of Rainbow minerals, which has interest in base metals, gold and platinum.
He is also part of numerous company boards such as the non-executive chairman of Harmony Gold and as the deputy chairman of Sanlam.
He also became the owner of football club, Mamelodi Sundowns, in 2003 and joined The Giving Pledge in 2013 while letting go part of his wealth to charity.
He was reported as the 503rd- richest perdon in the world based on Forbes 2019 list of The World’s Billionaires and also won South Africa’s Best Entrepreneur Award in 2002.
| Patrice Motsepe | |
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| Quick Facts | |
| Date of Birth: | January 28, 1962 |
| Birth Place: | Ga-Rankuwa, Pretoria, South Africa |
| Nationality: | South African |
| Occupation: | Entrepreneur |
| Net Worth: | $3 billion |
Early Life
Patrice Motsepe was born on January 28, 1962 in Ga-Rankuwa, Pretoria, South Africa to parents, Augustine Motsepe and Key Motsepe. His father Kgosi Augustine Motsepe was a school teacher and later a business owner before he became a chief of the Mmakau btanch of the Tswane people.
He has two sisters, Tshepo Motsepe and Bridgette Radebe. He is also the brother-in-law of both President Cyril Ramaphosa and Minister Jeff Radebe.
Motsepe obtained a Bachelor of Arts degree at the University of Swaziland and also attended the University of Witwatersrand where he earned a law degree.
Career
Motsepe became the first black partner in the law office Bowman Gilfillan in 1994, that very year that Nelson Mandela was chosen as the nation’s first black president. While the new government started advancing black strengthening and business; Motsepe established Future Mining, which gave contract mining administrations that incorporated the cleaning of gold residue from inside mining tunnels for the Vaal Reefs Gold mine, and carried out an arrangement of laborer compensation that joined a low base compensation with a benefit sharing reward.
He bought minimal gold mines from AngloGold under great money terms with gold costs at a low, in 1997. AngloGold sold Motsepe six gold mines for $7,7million permitting him to reimburse the obligation out of things to come income of the organization currently known as African Rainbow Minerals.
This was rehashed in a series of arrangements and Motsepe set up a firm to start purchasing the working mines that would turn into the wellspring of his abundance. He collaborated with two of his partners to shape Greene and Partners Investments, in 1999.
The Black Economic Empowerment (BEE) regulations presented after the 1994 races have been instrumental in establishing Motsepe’s situation in the mining business in South Africa. A business should have at least 26% black possession to be considered for a mining license.
Beginning around 2004, he has been a non-executive director of Absa Group and Sanlam.
In 2002 when it was recorded on the JSE Security Exchange, African Rainbow Minerals got together with Harmony Gold Mining Ltd. furthermore the organization’s name changed to ARMgold. Motsepe is additionally the founder of African Rainbow Minerals Platinum (Proprietary) Limited and ARM Consortium Limited, which later similarly parted possession with Anglo American Platinum Corp Ltd. From 2005, Motsepe was Chairman of Teal Exploration and Mining Incorporated. Motsepe is likewise director of Ubuntu-Botho Investments, Non-Executive administrator of Harmony Gold Mining Co Ltd. furthermore delegate Chairman of Sanlam Ltd. Motsepe has been leader of South Africa’s Chamber of Commerce and Industry.
Motsepe made Ubuntu-Botho Investments (UBI) (and in 2019 he claimed 55% of it), in 2003. UBI went into a BEE manage protection and monetary administrations organization Sanlam in 2004. That arrangement finished in 2014 when the obligation had been paid and UBI procured 13.5% of Sanlam yet UBI has a 18.1% democratic stake in Sanlam as its BEE accomplice. UBI then, at that point, began African Rainbow Capital (ARC), a completely possessed auxiliary of UBI. Circular segment’s joint CEO is Johan van Zyl, previous chief of Sanlam. Circular segment has possessions in excess of 40 organizations, including TymeBank, modern gathering Afrimat, horticultural organization BKB, media communications organization Rain, extravagance property home Val de Vie, and a minority stake in Alexander Forbes, the benefits reserve executive.
Motsepe also owns a Premier Soccer League club, Mamelodi Sundowns F.C. He made known of his decision to become CAF’s president in November 2020 and was later elected on March 12, 2021 after all four candidates have been withdrawn.
Personal Life
Motsepe got married to Precious Moloi in 1989 and their union is blessed with three children namely, Tlhope, Kgosi and Kabelo. His wife, Precious Moloi is a physician and fashion entrepreneur.
Net Worth
Patrice Motsepe is a South African businessman with lots of companies at his hands. With interest in mining, he was named South Africa’s riches man in 2012 while topping the Sunday Times annual Rich List with an estimated fortune of R20.07 billion ($1 million).
He has a house in Suburb of Bishop’s court in Cape Town andnhave several fleets of cars in his garage which include; a Bentley Continental GT, Mercedes Benz S65 AMG and so on. He has an estimated net worth of $3 billion.
Social Media
Patrice Motsepe is not that active on the social media platforms anf be reached on Instagram @motsepefoundation
