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South African billionaire Patrice Motsepe’s net worth has increased by R4.68 billion ($270.9 million) in the last 53 days, as shares in African Rainbow Minerals (ARM) increased by nearly 23 percent despite reporting lower earnings at the end of its fiscal year in 2022.
ARM is a South African mining and minerals company with strategic positions in iron, coal, copper, gold, platinum, and other precious metals mining projects.
Motsepe, who founded ARM in 1997 as South Africa’s first black-owned mining company, owns 39.7 percent of the company. His stake in the company is currently worth more than $1.18 billion, accounting for the majority of his wealth.
As of press time on November 20, ARM shares were worth R285.31 ($16.5) per share, giving the mining group a market capitalization of R64.1 billion ($3.7 billion) at the time of writing this report and cementing its position as one of the top 50 most valuable companies on the Johannesburg Stock Exchange.
Since September 28, the company’s shares have risen by 22.6 percent, from R232.75 ($13.46) per share 53 days ago to R285.31 ($16.5) per share on November 20, as investors renewed buying interest in the mining group despite reporting a single-digit percent decline in earnings and revenue at the end of its fiscal year in 2022.
The market value of Motsepe’s stake in the mining company has increased from R20.74 billion ($1.2 billion) 53 days ago to R25.42 billion ($1.47 billion) at the time of writing this report, thanks to the double-digit surge in ARM’s shares on the Johannesburg Stock Exchange.
This translates to a total gain of R4.68 billion ($270.9 million) for the leading billionaire, who is the richest black businessman in Southern Africa, ahead of Zimbabwean billionaire and telecom mogul, Strive Masiyiwa.
