12/10/2002 17:58 - (SA)
Motsepe is entrepreneur of the year
SELLO TANG
AFRICAN Rainbow Minerals (ARMgold) boss and the newly elected president of the National African Federated Chamber of Commerce, Patrice Motsepe (40), was this week awarded South Africa's Best Entrepreneur 2002 competition award.
Motsepe scooped the prestigious award against stiff competition from business bigwigs such as Kananelo Makhetha of BTI Connex Travel, Zeth Malele of arivia.kom - a global ICT company, Reg Lascaris of TBWA Hunt Lascaris advertising agency, Annette van der Laan of CS Holdings and Fred Robertson of Brimstone Investment Corporation.
The judges' criteria were based on quantitative and qualitative analyses of each business as a whole.
The competition, sponsored by mainly by Absa and Ernest & Young, will see this great businessman flying to the US in mid-November to attend the International Entrepreneur of the Year Conference.
From there Motsepe will find his way to Monte Carlo in May next year to represent his country against 18 countries for the World Entrepreneur of the Year Award.
Both international trips will be sponsored by Absa and Ernest & Young.
Motsepe said the award brought with it a huge responsibility.
"The imperative and the main challenge facing us successful businessmen is to assist and empower the young emerging entrepreneurs to also grow in the business industries," he said.
Absa managing executive Robert Emslie said: "Patrice makes me proud to be South African. He has created a world class company, one that competes on a global stage and truly reflects the spirit of our country - energy, determination, perseverance, ingenuity and ubuntu."
With his business acumen and resilience, Motsepe has led the ARMgold mining group to new heights within a short period of time.
The five-year-old gold mining group made an impressive debut by being the first new gold mining company to list on the gold board in a mere 15 years.
Since its inception ARMgold has positioned itself as the fifth largest gold mining company locally and the 12th largest in the world.
The company's first-quarter results, after listing on the JSE Securities Exchange on May 16, saw its share price staying above the listing price, despite going through the turbulence in the gold market at the time.
His family's various trusts own a total of 55,8 percent of ARMgold, which has a current market capitalisation of nearly R7 billion, according to recent reports.
Motsepe has also strategically positioned this mining house not only locally but also as a globally competitive company.
He is planning to approach US markets, eventually listing ARMgold in the wealthy continent.
As a partner at Bowman Gilfillan until 1994, Motsepe specialised in mining and business law at the institute.
In 1994 he took a giant leap to a establish a contract mining operation called Future Mining, which provided various services to the then Vaal Reefs gold mine, now part of AngloGold.
Future Mining was the experience that moulded this mining bigwig, making him the magnate he is today.
He then flexed his business muscles by buying some of the marginal shafts at Vaal Reef gold mine in 1998, after which, in a joint venture, he partnered with Harmony to buy Freegold from Anglogold for R2,2 billion.
Recently listed as one of South Africa's richest billionaires, Motsepe was born into a business-oriented family.
His father, Butana Motsepe - a shrewd businessman in his own right - inculcated business knowledge in Motsepe and his sisters at a very young age.
Motsepe's sister, Bridgette Radebe, wife of Minister of Public Enterprise Jeff Radebe, is the head of a black empowerment mining company, Mmakau Mining.
Motsepe's other sister, Tshepo, is a medical doctor.
These are the fruits of the elder Motsepe's efforts, which have emerged vividly of late as the limelight shines on Motsepe:
Motsepe studied at Swaziland University, where he received his BA degree. He went on to Wits University, where he got his LLB degree.
Motsepe then flew to the US, joining law firm McGuire Woods LLP to serve his articles and further his legal practice.
He later returned to South Africa to represent his law firm as the group's legal consultant. Later, Motsepe left law and joined the mining industry .
Since then, he has never looked back. He got cracking and acquired shares in various mining houses.
He was not immune to Nafcoc's protracted legal sqaubbles, which saw the chamber divided into two.
Mired in this tug-of -war over leadership, Motsepe kept his cool throughout the turbulence and dealt with the issue in a calm manner.
Nafcoc's troubles came after the chamber divided into two factions, Motsepe's dissident crew and the faction led by Simon Mathysen, following conflict over the merger of Nafcoc and the South African Chamber of Business (Sacob), to become the South African Federated Chamber of Commerce (Safcoc).
Motsepe's composure throughout the wrangle saw him being elected president of a united Nafcoc. He holds positions in related organisations, including vice-president of the Chamber of Mines.
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