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South African billionaire Patrice Motsepe has added another $200 million to his fortune since early October, lifting his estimated net worth to $3.7 billion, according to Forbes calculations. The increase follows a strong run in mining stocks tied to his long-held interests, particularly his indirect exposure to Harmony Gold, South Africa’s largest gold producer.
Motsepe’s wealth stood at about $3.5 billion on Oct. 8. Since then, gains in Harmony’s share price, alongside steady performance at African Rainbow Minerals, have driven the latest increase. Together, those holdings account for the bulk of the rise in his wealth this year.
He holds an 11.8 percent interest in Harmony through African Rainbow Minerals, a position he has maintained since Harmony’s merger with Avmin in 2003. That stake has once again come into focus as Harmony’s expansion beyond gold has drawn investor attention.
Electrification and infrastructure spending drives copper strategy
The company recently completed its $1.01 billion acquisition of MAC Copper Ltd., which owns the high-grade CSA Copper Mine in New South Wales, Australia, broadening its exposure to copper at a time when demand for the metal continues to climb.
The shift reflects a wider push by Harmony to balance its gold portfolio with assets tied to electrification and infrastructure spending. Speaking at a Bloomberg event on Nov. 20, Motsepe said the company is reviewing a large copper project in Papua New Guinea alongside U.S.-based miner Newmont Corp.
“There’s a huge investment that we are currently looking at in Papua New Guinea,” Motsepe said. “We’ve got a partnership there with Newmont that might require as much as four or five billion dollars to be invested down the line.”
Harmony ready to fund copper projects
Motsepe said Harmony’s balance sheet is positioned to support such commitments. The miner has about 13 billion rand ($754.8 million) in cash and access to an additional 7 billion rand ($406.4 million) in credit facilities. He said the company expects to deploy a significant portion of its capital in Australia and Papua New Guinea, where copper projects remain a priority.
In Australia, Harmony has already approved between $1.55 billion and $1.75 billion for the development of its Eva Copper project in northwest Queensland. The company has agreed to purchase $64.1 million worth of processing equipment from Finland’s Metso. The order includes major milling and flotation systems that will form the backbone of the operation.
Motsepe gains $700 million this year
Harmony’s expansion has been reflected in its market performance. The company’s shares are up 112 percent since the start of the year, pushing its market value to about $12.9 billion. Shares of African Rainbow Minerals have also risen, gaining 21 percent over the same period.
Those gains have translated directly into Motsepe’s balance sheet. His net worth has climbed by $700 million since January, rising from about $3 billion to $3.7 billion, reflecting how closely his wealth remains tied to the fortunes of the mining companies he has backed for decades.
