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Patrice Motsepe South Africa's First Black Billionaire

By: Errol Mars

Patrice Motsepe has become South Africa's first black billionaire according to Forbes magazine annual ranking of the worlds richest people.

Patrice Tlhopane Motsepe is Executive Chairman of African Rainbow Minerals Limited, ARM, a leading, niche-diversified mining and minerals company, based in Johannesburg, South Africa. African Rainbow Minerals, with 2007 revenue of $875 million. Forbes estimates Motsepe's net worth at $2.4 billion.

Motsepe became the first black partner at Johannesburg's Bowman Gilfillan law firm, before starting a low-level conracting business doing mine scutt work. Bought low-producing gold mine shafts in 1994, turned them profitable using lean, mean management style.

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