Patrice Motsepe Biography
Patrice Tlhopane Motsepe is a mining billionaire and businessman from South Africa. He was born on the 28th of January 1962. It was announced on the 12th of March 2021 that he would be taking over as President of the Confederation of African Football. He established African Rainbow Minerals and serves as the company’s executive chairman. African Rainbow Minerals is involved in the gold, ferrous metals, base metals, and platinum industries. He is a member of the boards of directors of a number of different companies, including serving as the non-executive chairman of Harmony Gold, which is the twelfth largest gold mining company in the world, and as the deputy chairman of Sanlam. With an estimated wealth of R20.07 billion (or $1 billion), Motsepe topped the Sunday Times’ annual Rich List in 2012, earning him the title of South Africa’s richest man in the process.
In 2003, he purchased the Mamelodi Sundowns football club and became the owner of the team.
In 2013, he became a member of The Giving Pledge and made the commitment to donate fifty percent of his wealth to various charitable organizations.
Early life and education
Kgosi Augustine Motsepe, Patrice Motsepe’s father, was a chief of the Mmakau branch of the Tswana people. Kgosi Augustine Motsepe had been a schoolteacher in the past and later became a small businessman by owning a Spaza shop that catered to black mine workers. Patrice Motsepe was born to him. Patrice Motsepe was the first democratically elected president of The shop was where Motsepe’s father taught him fundamental business concepts, and it was also where Motsepe got his first-hand experience in the mining industry.
He attended the University of Swaziland for his undergraduate studies and the University of the Witwatersrand for his legal education. Both institutions awarded him a Bachelor of Arts degree. He was an expert in both mining law and business law.
It was the same year that Nelson Mandela was elected as South Africa’s first black president, 1994, that he made history by becoming the first black partner at the legal firm Bowman Gilfillan. While the new government began to promote black empowerment and entrepreneurship, Motsepe founded Future Mining. Future Mining provided contract mining services, such as the cleaning of gold dust from inside mine shafts for the Vaal Reefs Gold mine. Additionally, Motsepe implemented a system of worker remuneration that combined a low base salary with a profit-sharing bonus.
In 1997, when prices for gold were at an all-time low, he made a profitable purchase of marginal gold mines from AngloGold by taking advantage of favorable financing circumstances. Motsepe was able to settle the loan out of the future earnings of the company, which is now known as African Rainbow Minerals, because AngloGold sold him six gold mine shafts for the price of $7.7 million.
Following this pattern over a series of transactions, Motsepe established a company to begin the process of purchasing the working mines that would eventually become the foundation of his fortune. Greene and Partners Investments was established by him, along with two of his other business partners, in the year 1999.
Motsepe’s position as a leader in South Africa’s mining industry has been significantly strengthened as a result of the Black Economic Empowerment (BEE) policies that came into effect after the elections in 1994. In order to be eligible for consideration for a mining license, a company must have a minimum of 26% black ownership.
Since 2004, Motsepe has served as a director on the board of directors of both Absa Group and Sanlam in a non-executive capacity.
African Rainbow Minerals merged with Harmony Gold Mining Ltd. in 2002, the same year that the firm became publicly traded on the JSE Security Exchange, and as a result, the company became known as ARMgold. Motsepe is also the creator of the companies African Rainbow Minerals Platinum (Proprietary) Limited and ARM Consortium Limited. These companies eventually equally split ownership with the company Anglo American Platinum Corp Ltd. Motsepe has served as the Chairman of Teal Exploration and Mining Incorporated since the year 2005. In addition to those roles, Motsepe is the chairman of Ubuntu-Botho Investments, the Non-Executive Chairman of Harmony Gold Mining Company Ltd., and the deputy Chairman of Sanlam Ltd. Motsepe previously served as the president of the Chamber of Commerce and Industry of South Africa.
Motsepe established Ubuntu-Botho Investments (UBI) in 2003 (and still held a majority stake in the company as of 2019). UBI made a Black Economic Empowerment (BEE) partnership with the insurance and financial services company Sanlam in the year 2004. This transaction was completed in 2014 when the loan was paid off, and UBI acquired 13.5% of Sanlam. However, as Sanlam’s BEE partner, UBI still maintains an 18.1% voting stake in the company. Following this, UBI established African Rainbow Capital (ARC), a subsidiary that is completely owned by UBI. Johan van Zyl, a former official at Sanlam, is now serving as joint chief executive of ARC. ARC has assets in around 40 different firms, some of which include TymeBank, the industrial group Afrimat, the agricultural company BKB, the telecommunications company Rain, the luxury residential estate Val de Vie, and a minority share in Alexander Forbes, the administrator of pension funds.
The Mamelodi Sundowns Football Club, which competes in the Premier Soccer League, is owned by Motsepe. Motsepe was able to acquire 37% of the Blue Bulls Company in the month of November 2019. Remgro, with a 37% stake, and Blue Bulls Rugby Union, with a 26% stake, are the two other major shareholders.
In November of the year 2020, Motsepe made the announcement that he will be running for president of CAF as a candidate. Quickly accused of being actively supported by FIFA – despite its duty of reserve and neutrality – and its President Gianni Infantino, who would seek to obtain the votes of Africa for future re-election, Motsepe was elected on March 12, 2021, after which all four other candidates withdrew their candidacies. This led to the accusation that Motsepe was supported by FIFA despite FIFA’s duty of reserve and neutrality. Following his election to the position of president of CAF, his son Thlopie Motsepe took over as the new chairman of Mamelodi Sundowns.
In 2011, he was named the interim chairman of the Black Business Council, and is a founding member and former president of one of South Africa’s most influential business advocacy and lobby group Business Unity SA (BUSA).
At a luncheon hosted by the World Economic Forum in Davos, Switzerland, in January 2020, Patrice Motsepe declared in public to United States President Donald Trump that “Africa loves him.” The billionaire issued an apology and explained, “I do not have the right to speak on behalf of anybody except myself.” in response to the angry responses that this statement elicited across the African continent.
Patrice Motsepe made the remark in front of United States President Donald Trump during a luncheon that was hosted by the World Economic Forum in Davos, Switzerland, in January of 2020. The event took place in the same month. As a result of the heated reactions that this statement aroused throughout the African continent, the billionaire made an apology and added, “I do not have the authority to speak on behalf of anybody except myself.”Jeff Radebe