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He is the founder and executive chairman of African Rainbow Minerals , which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold , the world’s 12th largest gold mining company, and the deputy chairman of Sanlam. In , he became the owner of football club Mamelodi Sundowns. In , he joined The Giving Pledge , committing to give half of his wealth to charitable causes.
Patrice was born to Kgosi Augustine Motsepe, a chief of the Mmakau branch of the Tswana people , who had previously been a schoolteacher and who was later a small businessman as the owner of a Spaza shop which was popular with black mine workers. It was from this shop that Motsepe learned basic business principles from his father, as well as first-hand exposure to mining.
He earned a Bachelor of Arts degree at the University of Swaziland and a law degree from the University of the Witwatersrand. In , he became the first black partner in the law firm Bowman Gilfillan—the same year that Nelson Mandela was elected as the country’s first black president. While the new government began promoting black empowerment and entrepreneurship; Motsepe founded Future Mining, which provided contract mining services that included the cleaning of gold dust from inside mine shafts for the Vaal Reefs Gold mine, and implemented a system of worker remuneration that combined a low base salary with a profit-sharing bonus.
In , with gold prices at a low, he purchased marginal gold mines from AngloGold under favourable finance terms. This was repeated in a string of deals and Motsepe set up a firm to begin buying the operating mines that would become the source of his wealth. In he teamed up with two of his associates to form Greene and Partners Investments. The Black Economic Empowerment BEE laws introduced after the elections have been instrumental in cementing Motsepe’s position in the mining industry in South Africa.
Since , he has been a non-executive director of Absa Group and Sanlam.
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