Africa’s first Black billionaire, Patrice Motsepe, has lost $400 million from his net worth in the past month as falling mining stocks erased part of the gains that had lifted his fortune to $3.7 billion in late August. Forbes now values the South African businessman’s wealth at $3.3 billion.

Motsepe’s wealth slips as mining shares fall

Motsepe, who ranks as Southern Africa’s richest Black billionaire ahead of Zimbabwean businessman Strive Masiyiwa, saw his fortune hold at $3.7 billion through the first week of September. The subsequent decline reflects weaker valuations across his mining interests, particularly African Rainbow Minerals and Harmony Gold.

The pressure is visible in Motsepe’s 43.66 percent stake in African Rainbow Minerals and his indirect 11.8 percent holding in Harmony Gold. Over the past month, shares of the two companies have fallen 14.8 percent and 11.4 percent, respectively, cutting the value of the billionaire’s publicly traded investments.

Mining shares take a hit

The declines have pushed the market capitalization of African Rainbow Minerals below $2 billion and Harmony Gold below $11 billion. For Motsepe, whose fortune remains heavily tied to mining, the moves show how quickly shifts in commodity prices and investor expectations can translate into changes in billionaire wealth.

Gold has also come under pressure, trading around $4,140 an ounce as higher crude oil prices revive inflation concerns, the U.S. dollar strengthens and Treasury yields rise. Those forces have increased expectations for higher interest rates, raising the opportunity cost of holding bullion, which generates no income.

Rate bets add pressure

The latest decline came as weaker-than-expected U.S. jobs data reinforced expectations that the Federal Reserve could leave interest rates unchanged at its upcoming meeting. Money markets are pricing in nearly a 20 percent chance of a rate increase this month, while the probability of a December hike remains above 80 percent.

Expectations for further rate increases had already eased after comments from Federal Reserve Vice Chair Philip Jefferson and New York Fed President John Williams. Both indicated policymakers should take more time to assess whether additional increases are needed to bring inflation under control, adding another layer of uncertainty for gold and mining investors.

Kropz faces a fresh setback

Motsepe’s nearly decade-long backing of phosphate producer Kropz Plc is also facing renewed pressure. The London-listed company said it would restructure its Elandsfontein mine, about 70 miles northwest of Cape Town, after investing R2.6 billion ($162.6 million) in the project.

Kropz plans to halt phosphate rock production as it struggles to make its Elandsfontein mine profitable. The company said continued disruption from the conflict in the Middle East has added pressure to global fertilizer markets. African Rainbow Capital, controlled by Motsepe, owns a 90 percent stake in Kropz, making the restructuring a setback for his portfolio.