South African Billionaire Patrice Motsepe's Arm To Buy 3.3 Million Canadian Copper Stake

ARM to invest 3.3 million in Surge Copper, lifting its stake to nearly 20 percent of the Canadian explorer.

The South African miner has spent 6.2 million on Surge since April 2024, signaling a stronger bet on copper.

Copper demand tied to clean energy and electric vehicles drives ARMs expansion into Canadas development-stage assets.

African Rainbow Minerals ARM, the diversified mining group led by Africas first Black billionaire Patrice Motsepe, is deepening its bet on copper through a new investment in Canadas Surge Copper Corp. The move comes as demand for the red metal grows with the global shift toward cleaner energy.

The Johannesburg-based company has agreed to buy 25.78 million common shares of Surge at CAD0.175 0.13 each, for a total of about CAD4.5 million 3.3 million. The private placement will lift ARMs stake in the Vancouver-listed explorer to nearly 20 percent of its outstanding shares.

Before this latest deal , ARM held 42.96 million Surge shares, or about 13.4 percent of the company. In July, it also bought 1.58 million additional shares at CAD0.15 0.11 each, spending about CAD237,000 171,500. Once the new placement is completed, ARMs stake will rise to 68.74 million shares, or 19.9 percent.