Patrice Motsepe steps down from ARM executive duties under new JSE rules

South African billionaire Patrice Motsepe has stepped down from his executive role at African Rainbow Minerals, the diversified mining group he founded more than two decades ago, following changes to governance rules at the Johannesburg Stock Exchange.

The move brings the company into line with amendments to the JSE Listings Requirements that took effect on Feb. 16, 2026. Under the updated rules, a board chair may no longer hold an executive position. The exchange said the changes form part of a broader simplification of its listing framework, aimed at strengthening governance standards on Africa’s largest bourse.

Patrice Motsepe retires, remains ARM chair

Motsepe, 63, who has served as executive chairman since founding ARM in 2003, will now serve as non-executive chairman. ARM said he has retired as an employee with effect from Feb. 16 but will remain on the board in his new capacity.

David Noko continues as lead independent non-executive director. At the same time, ARM appointed Jacob van der Bijl, known as Jacques, as chief operating officer. The company described him as a long-serving mining engineer with deep operational experience across its assets.

“I look forward to continuing to contribute to the global competitiveness of ARM in my new capacity as non-executive chairman,” Motsepe said in a statement, adding that the change ensures compliance with the updated Listings Requirements. He also welcomed van der Bijl to the executive team and reiterated the group’s focus on creating value for shareholders.

Motsepe’s ARM balances growth, headwinds

For investors, the leadership shift comes at a pivotal time. A sustained rise in gold and other precious metals prices over the past year has renewed interest in mining stocks. ARM’s market capitalization has climbed to 46.4 billion rand, about $2.5 billion at current exchange rates, lifting Motsepe’s net worth to $4.1 billion, according to Forbes.

Still, the company faces uneven conditions across its portfolio. Thermal coal operations have felt the impact of weaker prices, while higher energy costs have weighed on its ferroalloys business. ARM previously cited those pressures in reporting a sharp decline in interim profit.

The group has reshaped its portfolio, restructuring manganese assets held through Assmang, closing the Cato Ridge ferromanganese smelter and selling selected assets. It also wrote down its Bokoni Platinum Mines investment by 2.2 billion rand (about $118 million) and suspended production. Late last year, ARM halted new coal project investments, citing rising compliance costs linked to carbon taxes and emissions rules.