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The lawsuit challenges the decision to dismiss appeals against an offset exemption granted to Elandsfontein, which is 90 percent owned by ARM through Kropz Plc.
The company’s headline earnings fell 49 percent to R1.52 billion ($83.43 million), down from R2.96 billion ($162.2 million) a year earlier.
The move boosts Ninety One’s stake from 3.5 percent to 5 percent, reinforcing its investment strategy even as the miner reports its weakest earnings in seven years.
African Rainbow Minerals (ARM), led by Motsepe, forecasts a 55% drop in headline earnings on weaker iron ore prices.
Motsepe denies allegations, calls claims "absolute rubbish" as lawsuit escalates in Tanzania's commercial court.
ARM, led by Africa’s first Black billionaire Patrice Motsepe, reports its lowest profit in seven years due to rising costs and a tough operating environment.
Motsepe’s fortune peaked above $3 billion in May, but a $200 million decline linked to his stake in African Rainbow Minerals (ARM) has pushed his net worth to $2.8 billion.
The surge in Motsepe’s fortune is linked to the performance of his 45.9-percent stake in African Rainbow Minerals (ARM).
Motsepe, boasting a net worth of $2.5 billion, derives a significant portion of his wealth from his substantial stake in ARM, cementing his position as one of Africa’s leading industrialists.
Headline earnings plummeted by 43 percent, falling from R5.17 billion ($275.5 million) in the first half of 2023 to R2.96 billion ($157.8 million) in the same period of 2024.
Motsepe, Africa’s first Black billionaire and a prominent South African tycoon, holds a 45.9-percent stake in ARM, or 89,905,401 shares.
The court decision impacts the ARM-Glencore joint venture’s financial standing.
This acquisition aligns with Motsepe’s earlier announcement of ARM’s proactive pursuit of valuable lithium and copper assets.
Patrice Motsepe’s wealth takes a significant $1 billion hit due to the sustained downturn in the market value of his 40.37-percent stake in ARM.