Patrice Motsepe, South Africa’s only Black billionaire, has seen his fortune recover by $200 million in less than three weeks as shares of his publicly traded mining interests gained ground on the Johannesburg Stock Exchange (JSE).

Motsepe’s net worth has risen to $3.6 billion from $3.4 billion on July 30, according to Forbes. The increase follows gains in the market value of African Rainbow Minerals and Harmony Gold, two mining companies in which Motsepe has significant interests.

Motsepe’s mining holdings gain value

Motsepe is the controlling shareholder of African Rainbow Minerals and has an indirect 11.8 percent stake in Harmony Gold, South Africa’s largest gold producer. His interest in Harmony dates to the company’s 2003 merger with Avmin.

The gains in the two stocks have added to the value of Motsepe’s holdings. African Rainbow Minerals shares have climbed 7.4 percent over the past month, lifting the company’s market capitalization to R37 billion ($2.27 billion) at the time of drafting this report.

Harmony Gold has gained 32 percent over the same period, taking its market cap to R200.8 billion ($12.34 billion). The stronger share prices come as both mining companies prepare to spend more on projects that could increase production and strengthen their operations.

ARM plans phased Bokoni production restart

African Rainbow Minerals plans to invest R15.2 billion ($925 million) over the next seven years to expand its Bokoni platinum-group metals mine. The company also plans to spend another R753 million ($46.3 million) to restart its Nkomati nickel operation.

The investment comes after a difficult period for Bokoni. ARM placed the mine on care and maintenance last year as weaker platinum-group metals prices hurt profitability, resulting in a R2.2 billion ($131 million) impairment. Under its revised development plan, ARM expects to restart Bokoni in 2028 and increase processing capacity from 2030.

Harmony strengthens funding for copper

Harmony Gold is also putting more capital behind its expansion plans. On July 29, the company secured more than R20 billion ($1.19 billion) in multicurrency financing to strengthen its balance sheet, refinance existing debt and support its copper business in Australia.

The package includes a $500 million facility, an A$500 million ($347 million) facility and R7 billion ($418 million) in rand-denominated financing. Harmony said the new facilities will reduce funding costs, improve liquidity, and better match its borrowing with the currencies in which it operates.

Refinancing draws strong lender demand

The refinancing replaces existing U.S. dollar and rand syndicated loans raised in 2022. It also repays the bridge facility used to fund Harmony’s acquisition of MAC Copper and provides additional funds for general corporate purposes.

The financing received strong support from lenders, with about 93 percent participation and commitments reaching three times the amount initially targeted. Citi and Nedbank Corporate and Investment Banking served as joint global coordinators and mandated lead arrangers.