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South African mining magnate, Patrice Tlhopane Motsepe, has a net worth of $2.4 according to Forbes. He is South Africa's first and only black billionaire. His fortune increased by $1 billion since 2010, as a result of rising stock prices. He was born in the sprawling black township of Soweto and then trained as a lawyer, he became first black partner at Bowman Gilfillan law firm in Johannesburg, before starting a contracting business doing mine scut work. Motsepe bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style. Since then he has build $1.5 billion (sales) mining conglomerate, African Rainbow Minerals (ARM), with interests in platinum, nickel, chrome, iron, manganese, coal and gold. Motsepe also holds a stake in Sanlam, a publicly traded financial services company outside Cape Town where he sits on the board.
Earnings & Financial Data
|
Date |
Category |
Description |
Amount |
|---|---|---|---|
|
2013 |
Asset |
Value of the sales from mining company, African Rainbow Minerals (ARM) |
$1,400,000,000 |
|
2008 |
Asset |
Value of his assets including his 5.5% share of Sanlam, the life assurance company |
$2,500,000,000 |
|
2003 |
Asset |
Value of his $19 million investment in Sanlam’s Ubuntu-Botho BEE deal in 2004 after it matured recently |
$742,000,000 |