Patrice Motsepe

At 62 years old, Patrice Motsepe physical status not available right now. We will update Patrice Motsepe's height, weight, eye color, hair color, build, and measurements.

Career

In 1994, he became the country's first black president in the law firm Bowman Gilfillan, the same year that Nelson Mandela was elected as the country's first black president. While the new government was promoting black empowerment and entrepreneurship, Motsepe created Future Mining, which provided contract mining services that included the removal of gold dust from inside mine shafts for the Valiant Reefs Gold mine's gold mine; and introduced a compensation scheme that combined a low base salary with a profit-sharing bonus.

He purchased marginal gold mines from AngloGold under favourable financing terms in 1997, when gold prices were at a low. AngloGold sold six gold mine shafts to Motsepe for $7.7 million, allowing him to pay the debt out of the company's future earnings.

In a string of contracts, Motsepe established a company that would start purchasing the operating mines that would be the source of his income, which was repeated. He joined Greene and Partners Investments in 1999, along with two of his associates.

The Black Economic Empowerment (BEE) laws, which were introduced after the 1994 general election, have played a vital role in cementing Motsepe's position in South Africa's mining industry. To qualify for a mining license, a company must have a minimum of 26% black ownership.

Motsepe has been a non-executive director of Absa Group and Sanlam since 2004.

African Rainbow Minerals joined Harmony Gold Mining Ltd in 2002, when it was first listed on the JSE Security Exchange, and the firm's name was changed to ARMgold. Motsepe is also the co-founder of African Rainbow Minerals Platinum (Protetary) Limited and ARM Consortium Limited, which later split ownership with Anglo American Platinum Corp Ltd. Motsepe is also chairman of Ubuntu-Botho Investments, Non-Executive chairman of Harmony Gold Mining Co Ltd., and deputy Chairman of Sanlam Ltd. Motsepe is the president of South Africa's Chamber of Commerce and Industry.

Motsepe founded Ubuntu-Botho Investments (UBI) in 2003 (and in 2019 he owned 55% of it). UBI and insurance and financial services company Sanlam formed a BEE agreement in 2004. When the debt was paid and UBI acquired 13.5% of Sanlam, but UBI has a 18.1% voting stake in Sanlam as its BEE partner. African Rainbow Capital (ARC), UBI's wholly owned subsidiary, was launched by the bank in September. Johan van Zyl, Sanlam's former chief executive, is AR's joint chief executive. ARC has interests in more than 40 companies, including TymeBank, industrial group Afrimat, BKB, telecommunications firm Rain, luxury real estate Value, and a minority interest in Alexander Forbes, the pension fund administrator.

Motsepe is the owner of Mamelodi Sundowns F.C. A Premier soccer league club. Motsepe bought a 47% stake in the Blue Bulls Cooperative in November 2019. Remgro (37%) and Blue Bulls Rugby Union (26%), the other major shareholders, are Remgro (36%) and Blue Bulls Rugby Union (26%).

Motsepe declared in November that he would run for president of the CAF in November 2020. Despite being strongly supported by FIFA, both its mission of reserve and neutrality, and its President Gianni Infantino, who will attempt to seek the votes of Africa for future re-election, Motsepe was elected on March 12th, 2021, after all four other contenders had dropped their candidacy. After becoming the new president of Mamelodi Sundowns, his son Thlopie Motsepe took over as the Mamelodi Sundowns' new chairman.

He was named interim chairman of the Black Business Council in 2011 and is a founding member and former president of one of South Africa's most influential industry advocacy and lobby group Business Unity SA (BUSA).

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