Africa’s first Black billionaire Patrice Motsepe’s fortune rebounds by $200 million
Africa’s first Black billionaire Patrice Motsepe has experienced a remarkable rebound in his net worth, with a staggering $200-million increase over the past 10 days. This surge brings his total wealth to $2.6 billion, following a recent plunge to $2.4 billion earlier this month.
The surge in Motsepe’s fortune is linked to the performance of his 45.9-percent stake in African Rainbow Minerals (ARM). ARM, a key player in South Africa’s mining sector, has seen its shares surge on the Johannesburg Stock Exchange (JSE), climbing over 24 percent in the past five days. The stock rose from R161.7 (USD 8.58) to R201.58 (USD 10.7) at the time of writing.
The recent rally in ARM shares can be attributed to investors’ reaction to the company’s strategic move into the North American copper market. Through the acquisition of a 15-percent stake in Surge Copper, a Toronto-listed exploration company, ARM aims to capitalize on the increasing demand for copper amidst the global shift towards clean energy solutions.
ARM share surge lifts Motsepe’s fortune
The surge in ARM shares has significantly boosted the market value of Patrice Motsepe’s stake in the mining conglomerate, rising from R14.54 billion ($771.04 million) on April 8 to R18.12 billion ($961.2 million) at the time of drafting this report.
Motsepe, who made history as Africa’s first Black billionaire in 2008, has solidified his position among the continent’s wealthiest individuals. With a net worth of $2.6 billion, he currently ranks 1,274th on Forbes’ list of the world’s billionaires, reaffirming his position as the richest Black individual in Southern Africa.
Patrice Motsepe eyes expansion beyond mining
In addition to his mining ventures, Patrice Motsepe holds an indirect 7.8-percent stake in Sanlam, Africa’s leading insurer, through his investment vehicle, Ubuntu-Botho Investments, and serves as the deputy chairman of the South African insurance giant.
He has been actively exploring opportunities in other sectors. His recent involvement in discussions with Canal+, the media arm of Vivendi, signifies his interest in diversifying his holdings. If successful, this collaboration could see Motsepe’s entry into the ownership ranks of MultiChoice Group, expanding his influence across South Africa’s leading companies.
Furthermore, Motsepe’s investment in TymeBank, a digital bank that recently achieved a significant milestone with its first-ever profit, highlights his commitment to driving innovation and growth in Africa’s financial sector.
With discussions ongoing and no deal finalized, the potential partnership between Motsepe and Canal+ holds significant implications for Africa’s media and entertainment landscape, reflecting the continent’s rising importance on the global stage.