Meet The Man Behind South Africa’s Mining Industry

Posted by: lukwago J in Business July 29, 2022

South Africa has many powerful and successful business men and as of today, they are qualified billionaires on the African continent. Patrice Tlhopane Motsepe who was born on 28th January 1962 in Soweto is the man behind South Africa’s mining industry and a popular billionaires in Africa.

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Patrice’s father Augustine Motsepe was a school teacher and a businessman who owned a black mine worker’s Spaza shop. Patrice grew up learning first hand basic business techniques of mining from his father.

He attended University of Swaziland where he earned a bachelors degree of arts and thereafter, he joined University of Witwatersrand and earned a degree in law.

Mining industry!

When Nelsen Mandela became South Africa’s first black president in 1994, the government begun promoting black entrepreneurs. Without wasting time, Patrice immediately utilized that chance and specialized in business law and mining. Later he created his mining service business purposely to clean gold dust from inside mine shafts.

In 1997, gold prices dropped and he decided to acquire gold mines from AngloGold under suitable finance terms. Nevertheless he continued to buy different operating mines which became his source of income.

Patrice is now the founder and CEO of African Rainbow Minerals which deals in gold, platinum, ferrous metals and base metals. He is the board member of the 12th largest gold mining company in the world known as Harmoney Gold which is worth $1.18 billion.

He is the owner of one of South Africa’s giant football club known as Mamelodi Sundowns. He is also the deputy chairman of Sanlam General Insurance. He has an estimated fortune of worth $2.6 billion, according to Forbes.

Patrice was named South Africa’s richest man in 2012. He pledged to give half of his wealth to charity.

In 2021, he was elected the new president of the Confederation of African Football (CAF). He succeeded disgraced Malagasy Ahmad Ahmad, who is serving a two-year FIFA ban over “governance issues”.

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