How rich is Patrice Motsepe?
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Patrice Tlhopane Motsepe (created 28 January 1962 in Soweto) is a South African mining magnate. He’s the creator and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous alloys, base metals, and platinum. In 2003, he became the owner of football club Mamelodi Sundowns. In 2013, he joined The Giving Pledge, giving to deliver half his wealth to charitable causes.
Patrice was born to Augustine Motsepe, a schoolteacher turned small businessman, who possessed a Spaza store popular with black mine workers. It was from this store that Motsepe learnt fundamental business principles from his dad at the same time as first hand exposure to mining. He earned a bachelors of arts in the University of Swaziland as well as a law degree in the University of the Witwatersrand and became the very first black associate in the law firm Bowman Gilfillan in 1994, the exact same year Nelson Mandela was elected the nation’s first black president. He specialized in mining and company law at a time when the brand new authorities had started the procedure for encouraging black empowerment and entrepreneurship. Motsepe shortly founded a mining services enterprise to wash gold dust from inside mine shafts, executing a method of worker remuneration that united a low base salary using a profit sharing bonus. In 1997, with gold prices in a low, he bought borderline gold mines from Anglo-Gold under favourable finance provisions. This is replicated in a sequence of prices and Motsepe set up a company to start purchasing the running mines that will end up being the supply of his riches. Motsepe won South Africa’s Greatest Entrepreneur Award in 2002. In 2008 he was 503rd wealthiest man on earth, in line with the Forbes World Billionaires List.