Patrice Tlhopane Motsepe is our Business Person of the Week. He is a South African businessman that deals in gold, metals and platinum.
He got exposed to the mining industry while growing up as a young boy. His father had a shop that was frequently visited by mine workers. Patrice bagged a Bachelor of Arts degree from the University of Swaziland and a law degree from the University of Witwatersrand.
He specialized in mining and business law, which gave him entrance into the mining industry. He founded Future Mining in 1994, the same year Nelson Mandela became the first black president of South Africa. His company offered contract mining services for the Vaal Reefs Gold mine.
See also: Business Personality of the Week- Arif Amiri
In 1997, Patrice took a bold step to purchase gold mines from AngloGold in bid to repay the debt out of future earnings. AngloGold sold the mines for $7.7 million, allowing Patrice to refund the debt when able. He renamed the company to African Rainbow Minerals which bought over and operated several mines in South Africa. He Rainbow Minerals with Harmony Gold Mining Ltd and listed it on the JSE in 2002 after remaining it to ARMgold.
Patrice has served in several executive boards. He served as Chairman of Teal Exploration and Mining Incorporated, Sanlam Ltd., and Absa Group, to mention a few. He equally founded several other companies, including Ubuntu-Botho Investments; African Rainbow Capital which owns shares in more than 40 companies; and Mamelodi Sundowns FC, a Premier Soccer league.
Today, Patrice is recognized globally as an African billionaire businessman. He received South Africa’s Best Entrepreneur Award in 2020. In 2004, he was recognized on the list of Great South Africans by the South African Broadcasting Corporation. Patrice was named South Africa’s richest man in 2012. He is also a member of the Giving Pledge which commits half of his wealth to charity.
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