Follow us on:   

SA mining baron donates half his wealth
January 31, 2013, 9:00 am

Patrice Motsepe. [Getty Images]

Mining magnate Patrice Motsepe. [Getty Images]

Post-apartheid South Africa sees a rising star in philanthropy as mining magnate Patrice Motsepe has pledged to give away half of the income generated by his family’s assets to charity.

He says his family recognises its responsibility to the poor and deprived of South African society.

Motsepe is the founder and executive chairperson of African Rainbow Minerals.

He is the richest black South African to emerge from post-apartheid South Africa – his net worth is estimated by Forbes Magazine to be $2.65 billion (R24 billion).

“I decided quite some time ago to give at least half of the funds generated by our family assets to uplift the poor and other disadvantaged and marginalised South Africans but was also duty-bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors,” Motsepe told reporters yesterday.

A report by the UN still sees South Africa as one of the most unequal societies in the world.

In 2012 a Unicef report found that 1.4 million children live in homes that rely on often dirty streams for drinking water, 1.5 million have no flushing lavatories and 1.7 million live in shacks, with no proper bedding, cooking or washing facilities.

Referring to his wife, who also attended the briefing, he said: “Precious and I recognise the huge responsibility and duty that the Motsepe family has to poor, unemployed, disabled, women, youth, workers and marginalised South Africans.”

Motsepe thanked Warren Buffett and the Gates “for the advice and wisdom” and “encouragement”.

Motsepe was flanked by his wife and by several traditional and religious leaders, including King Goodwill Zwelithini.

Health and education would be the focus of the Motsepe Foundation, through which funds from his family ventures will be distributed.

He said between R40-50 million had been donated towards promoting entrepreneurship and black business since the inception of the foundation in 1999.

Among the beneficiaries of the Motsepe Foundation is the Nelson Mandela Foundation.

Motsepe assured shareholders that giving to charity was no threat to their investment.

With inputs from Agencies


Leave a Reply

Your email address will not be published. Required fields are marked *

Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.