Patrice Motsepe Quotes
I have confidence in mining. I see exciting opportunities in it.
Motsepe, Patrice. Annual Results Presentation. African Rainbow Minerals, 7 Sept. 2012.
Previous governments had attempted to privatize the economy and sold off many of the nationally owned enterprises. Morales, a socialist, began reversing the cycle and “nationalized” the natural gas supply which is plentiful. Bolivia had been getting a very small percentage compared with world standards and Morales renegotiated the percentage for the government, but left the management in private hands. So in that sense he did not “nationalize” the hydrocarbons. The Bolivian mines represented another problem entirely. For years, featherbedding had created tens of thousands of unnecessary jobs for the mining, nut necessary to the people who were employed and the economy. But private operators always wanted to reduce the number of workers to only what was needed. So the nationalization problem was to increase the productivity of the Bolivian mines, maintain the exports of the mined products and maintain the employment---a difficult balancing act.
Actually the statement is not literally true though the exceptions are not numerous. People who sold their American common stocks before the 1929 stock market made money. The few people who bet against the U. S. Housing and Mortgage markets before the Meltdown of 2008, made a great deal of money. Over extended long periods, Biden’s statement is true.
Patrice Tlhopane Motsepe is a South African mining billionaire businessman of Tswana descent. Since 12 March 2021, he has been serving as the President of the Confederation of African Football. He is the founder and executive chairman of African Rainbow Minerals, which has interests in gold, ferrous metals, base metals, and platinum. He sits on several company boards, including being the non-executive chairman of Harmony Gold, the world's 12th largest gold mining company, and the deputy chairman of Sanlam. In 2012, Motsepe was named South Africa's richest man, topping the Sunday Times' annual Rich List with an estimated fortune of R20.07 billion ($1 billion).
