This acquisition aligns with Motsepe’s earlier announcement of ARM’s proactive pursuit of valuable lithium and copper assets.
ARM
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Schmidt was CEO and executive director at ARM from 2011 to 2023. During his tenure, he led ARM to impressive financial milestones.
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The $1.1-billion market value wipeout also impacted Motsepe’s net worth, bringing it below $2.4 billion earlier this year.
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Motsepe owns a 39.7-percent stake in ARM.
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Motsepe, who founded ARM in 1997 as South Africa’s first Black-owned mining company, owns 39.7 percent of the company.
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Patrice Motsepe is Southern Africa’s richest Black person.
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Joubert has been the CEO of ARM’s Ferrous Division since July 2012.
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Motsepe, the South African billionaire and current President of the Confederation of African Football (CAF) founded the mining firm in 1997.
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The billionaire is one of the richest men in Africa.
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Motsepe founded the mining enterprise in 1997 as South Africa’s first Black-owned mining firm.