Patrice Motsepe
| Patrice Motsepe | |
|---|---|
Patrice Motsepe in 2009
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| Born |
Patrice Tlhopane Motsepe 28 January 1962 Soweto, South Africa |
| Nationality | South Africa |
| Alma mater |
University of Swaziland University of the Witwatersrand |
| Occupation | Executive chairman of African Rainbow Minerals |
| Net worth |
 US$ 1.56 billion |
| Spouse(s) | Precious Moloi |
| Children | 3 |
Patrice Tlhopane Motsepe (born 28 January 1962) is a South African mining magnate. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He also sits on several company boards including being the non-executive chairman of Harmony Gold, the 12th largest gold mining company in the world, and is the deputy chairman of Sanlam. In 2012, Motsepe was named South Africa's richest man, topping the Sunday Times' annual Rich List with an estimated fortune of R20.07 billion ($2.4 billion).
In 2003, he became the owner of football club Mamelodi Sundowns.
In 2013, he joined The Giving Pledge, committing to give half his wealth to charitable causes.
Patrice was born to Augustine Motsepe, a schoolteacher turned small businessman, who owned a Spaza shop popular with black mine workers. It was from this shop that Motsepe learned basic business principles from his father as well as first hand exposure to mining.
He earned a bachelor of arts at the University of Swaziland and a law degree from the University of the Witwatersrand and became the first black partner in the law firm Bowman Gilfillan in 1994, the same year Nelson Mandela was elected the country's first black president. He specialised in mining and business law at a time when the new government had begun the process of promoting black empowerment and entrepreneurship. Motsepe founded a company called Future Mining, which provided contract mining services that included the cleaning of gold dust from inside mine shafts, for the Vaal Reefs Gold mine, implementing a system of worker remuneration that combined a low base salary with a profit-sharing bonus.
In 1997, with gold prices at a low, he purchased marginal gold mines from AngloGold under favourable finance terms. AngloGold sold Motsepe six gold mine shafts for $7,7million allowing him to repay the debt out of the future earnings of the company now known as African Rainbow Minerals.
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