Patrice Motsepe: An Authentic African Success Story

Patrice Motsepe’s success has to come to define the entrepreneurial abilities South Africa craves. An ability to read global trends, take risk and thrive. He is a recipient of the Global Leader of Tomorrow from the World Economic Forum and holds numerous accolades including Ernst & Young’s Best Entrepreneur of the Year award (2002), while being named South Africa’s Business Leader of the Year by CEOs of the top 100 companies in South Africa.

The executive chairman of African Rainbow Minerals Limited, ARM, heads the diversified mining and minerals firm based in Johannesburg is the first black South African to feature on the Forbes list of the world’s richest people, coming in just behind Nicky Oppenheimer and Johan Rupert.

Motsepe established African Mineral Resources and a number of marginal shafts at Vaal Reefs in January 1998 on favourable financial terms, followed by the purchase of other marginal shafts owned by AngloGold in the Free State, as blackentrepreneurprofile.com reports. The company would come to be associated with Africa’s rising profile on the global stage. As early as 2004, Motsepe’s comments at the World Economic Forum showed he has optimism in the outlook for the continent, notably in light of Africa’s performance in the midst of economic recession in established markets.

Today he’s the biggest single shareholder of the world’s fifth-largest gold mining company. His company, African Rainbow Minerals, controls 14.8 per cent of Harmony, while his family trust owns 41.2 per cent of ARM, valued at approximately $2 billion.

As the chairman of African Rainbow Minerals he now oversees a company worth R37 billion. The business leader is keen to see black South Africans play a key role in the economy and South Africa as a whole. At the same time he has also identified the unity of black and white business personalities as crucial.

“We cannot deal with the challenges of South Africa if black and white do not come together” he explained when addressing the media on the way forward for the newly formed Black Business Council.

In addition to commitments on areas of social responsibility ranging from sports to climate matters, Motsepe has received extensive coverage on his work within business to ensure transformation in the South African economy is achieved. In September last year, a black business summit decided to resurrect the BBC (Black Business Council) to unify black business, as Soweton journalist Nonku Khumalo reported.

“There is a growing feeling of frustration and despondency amongst black entrepreneurs and professionals, as well as amongst black youth and women and the organisations that represent them; of being ostracised and marginalised from participating and benefiting from the growth and development of our economy. In a statement on a meeting between government and the BBC’s leadership, he noted these problems are separate and apart from the enormous challenges of creating jobs and eradicating poverty which confronts us all”.

According to BusinessLive.co.za Motsepe points out the ANC Youth League’s call for nationalisation was an expression of frustration by the country’s youth over “the sense of exclusion” from economic participation.

“If we don’t address those issues, we will have our people moving towards policies which are radical and extreme,” Motsepe he has warned. On his part, Motsepe has continually identified measures to promote opportunity for talented South Africans marred from reaching their potential due to poverty.

Garreth Bloor