South African billionaire Patrice Motsepe’s net worth rises by $300 million in 11 weeks

South African billionaire and leading industrialist Patrice Motsepe has seen his net worth rise significantly above $3.4 billion in recent times.

According to data gathered by Billionaires.Africa, Motsepe’s net worth has risen by more than $300 million in the last 77 days, or approximately seven weeks, due to a double-digit percentage surge in the shares of his diversified mining firm, African Rainbow Minerals (ARM) continue to surge in value.

At the time of writing, the South African billionaire, who ranks as one of the richest billionaires in Africa, is the 892nd wealthiest man in the world with a net worth of $3.4 billion, according to Forbes.

The majority of his fortune stems from a 39.7-percent ownership in ARM, a South African mining and minerals firm with holdings in a variety of mines, including iron, coal, copper, gold, platinum and other precious metals.

Motsepe’s net worth has climbed from $3.1 billion at the start of the year to $3.4 billion as of the time of writing this report, representing a total gain of $300 million for the billionaire businessman.

The increase in his net worth since the start of the year can be attributed to a continued purchasing interest in ARM shares, which led to an increase in stock price, despite a double-digit percentage decrease in headline earnings in the first half of the company’s 2022 fiscal year.

The Motsepe-led mining business disclosed that headline earnings, South Africa’s primary profit indicator, fell by 27 percent for the six months ending Dec. 31, from 5.04 billion ($330 million) in 2021 to R3.7 billion ($242 million) in the first six months of the current fiscal year.

The decline in earnings can be linked to lower average iron ore and palladium prices, as well as the rand strengthening against the U.S. dollar, resulting in a sharp drop in revenue from R9.8 billion ($641 million) to R7.7 billion ($503.5 million).