Get more Mail & Guardian
Subscribe or Login

SA’s Bill Gates: Half of Motsepe fortune goes to the poor

Motsepe made his announcement on Wednesday in Johannesburg, amid speculation he was going to buy South Africa's Independent Newspaper Group from major shareholders Independent News and Media. Rumours also circled African Rainbow Minerals, of which he is the founder and executive chairperson, would make purchases in the platinum sector.

According to Forbes, Motsepe's net worth alone is at $2.65-billion as of November 2012.

Motsepe said the money given to the Motsepe Foundation would contribute in particular to addressing education and health issues in South Africa.

In a live video at the event, billionaire and philanthropist Bill Gates commended Motsepe's decision.

The announcement was attended by the likes of King Goodwill Zwelithini, Basic Education Minister Angie Motshekga, Rabbi Warren Goldstein and other religious leaders.

Motsepe was recently in Davos – as was Denis O'Brien, Independent News and Media's biggest shareholder who met with President Jacob Zuma around "shareholdings in South Africa" – and expressed an interest in the media group, according to Bloomberg, leading to speculation he wanted to buy the South African media arm of the Irish publishing company.

Motsepe also expressed an interest in extending his holding in platinum, leading to discussions that his announcement might be related to the four shafts in Rustenburg that Anglo American Platinum is looking to mothball.

While in Davos he told Bloomberg that African Rainbow Minerals regarded platinum as a key sector and that they were looking for opportunities to buy platinum mines.

African Rainbow Minerals and Anglo American Platinum already have a joint venture at Modikwa Deep.

Subscribe for R500/year

Thanks for enjoying the Mail & Guardian, we’re proud of our 36 year history, throughout which we have delivered to readers the most important, unbiased stories in South Africa. Good journalism costs, though, and right from our very first edition we’ve relied on reader subscriptions to protect our independence.

Digital subscribers get access to all of our award-winning journalism, including premium features, as well as exclusive events, newsletters, webinars and the cryptic crossword. Click here to find out how to join them and get a 57% discount in your first year.

Related stories

WELCOME TO YOUR M&G

If you’re reading this, you clearly have great taste

If you haven’t already, you can subscribe to the Mail & Guardian for less than the cost of a cup of coffee a week, and get more great reads.

Already a subscriber? Sign in here

Advertising

Subscribers only

South Africa breaking more temperature records than expected

The country’s climate is becoming ‘more extreme’ as temperature records are broken

More top stories

US fashion contaminates Africa’s water

Untreated effluent from textile factories in in Lesotho, Ethiopia, Kenya, Mauritius and Madagascar pours into rivers, contaminating the water

Deep seabed mining a threat to Africa’s coral reefs

The deep oceans are a fragile final frontier, largely unknown and untouched but mining companies and governments — other than those in Africa — are eying its mineral riches

Komodo dragon faces extinction

The world’s largest monitor lizard has moved up the red list for threatened species, with fewer than 4 000 of the species left

DA says ANC’s implosion has thrown local government elections wide...

The DA launched its 37-page manifesto on a virtual platform under the banner “The DA gets things done”.
Advertising

press releases

Loading latest Press Releases…
×