Africa’s first Black billionaire, Patrice Motsepe, loses $1 billion in stock slump

Patrice Motsepe, South Africa’s mining magnate and Africa’s first Black billionaire, has seen an estimated $1 billion wiped from his fortune in the past six months as a broad sell-off in mining stocks weighed on his net worth. The businessman, who also serves as president of the Confederation of African Football (CAF), has watched his wealth retreat from its late-January peak as investors reassessed mining shares on the Johannesburg Stock Exchange (JSE).

According to Forbes, Motsepe’s net worth stood at $4.4 billion on Jan. 29. Since then, it has dropped to an estimated $3.4 billion at the time of writing, reducing his fortune by about $1 billion. The decline has also reshaped South Africa’s rich list. After climbing to become the country’s third-richest person in January, Motsepe now ranks fifth, behind fellow South African billionaires Michiel Le Roux and Koos Bekker.

ARM, Harmony slump dents Motsepe assets

The decline reflects the performance of the two listed mining companies that account for most of Motsepe’s wealth. He owns an indirect 11.8 percent stake in Harmony Gold, South Africa’s largest gold producer, through a holding that dates back to Harmony’s merger with Avmin in 2003. He is also the controlling shareholder of African Rainbow Minerals (ARM).

Both companies have come under sustained pressure in recent months. Harmony Gold shares have fallen more than 29 percent on the JSE over the past six months, while ARM has dropped nearly 35 percent over the same period. The sell-off has erased billions of dollars in market value, dragging down Motsepe’s holdings and, with it, his estimated net worth.

ARM bets big on platinum growth

The market weakness has come even as both companies pressed ahead with major investment plans aimed at expanding production and strengthening their long-term earnings capacity. Last week, ARM approved a significant expansion of its platinum operations and authorised the restart of its Nkomati nickel mine, marking another step in its broader growth strategy.

The company’s board approved the Bokoni 180,000-tonnes-per-month development project after completing a definitive feasibility study in June 2026. The project, which carries an estimated capital cost of R15.2 billion ($925.58 million), is expected to lift the group’s platinum group metals output over the coming decade. 

Harmony secures $1.19 billion copper expansion refinancing

Harmony Gold has also taken steps to reinforce its financial position. Earlier this week, the company secured a multicurrency funding package worth more than R20 billion ($1.19 billion) to refinance existing debt, strengthen its balance sheet and support the expansion of its copper business in Australia.

The financing package includes $500 million, A$500 million ($347 million) and R7 billion ($418 million) in loan facilities. Harmony said the refinancing will lower borrowing costs, improve liquidity, replace syndicated loans raised in 2022, repay the bridge facility used to acquire MAC Copper and provide funding for general corporate purposes.