[miningmx.com] – PATRICE Motsepe ended 24 hours of feverish speculation regarding a planned “historic” and “important” announcement saying he planned to donate hundreds of millions of rands to charitable organisations.
Citing US magazine, Forbes, South Africa’s BDLive said Motsepe had a net wealth of $2.65bn, and was Africa’s first dollar billionaire.
The donations would be through the Motsepe Foundation and sees Motsepe – who owns African Rainbow Minerals & Exploration Investments, a 40.84% beneficiary of the R43bn African Rainbow Minerals (ARM), – become the first outside the US to join The Giving Pledge, BDLive said.
The Giving Pledge initiative was started by Microsoft founder Bill Gates and Warren Buffett, the billionaire investor. It encourages wealthy individuals to donate at least half of their wealth to charities.
Motsepe’s African Rainbow Minerals & Exploration Investments earnings about R417m in the 2012 financial year when ARM paid a dividend of R1.02bn, BDLive said.
“It’s a recognition that people in my position, and me in particular, have a huge responsibility to South Africans who are less fortunate — those who are unemployed, poor and marginalised — and to make a humble contribution to improve their lives and living conditions,” Motsepe said at a press conference on Wednesday.
“We’ve got many, many years ahead of us. It’s not as if there’s going to be a huge lump sum available. There’s going to be significant money available…. It’s a lifelong obligation in my life and my wife’s life and then our trustees who will look after our money when we’re gone.”
