Mining billionaire Patrice Motsepe and his family are giving half the funds generated from assets owned by the family to the Motsepe Foundation.
The funds will be used to uplift those less well off‚ the family said in a statement.
The size of the donation was not immediately known.
“I decided quite some time ago to give at least half the funds generated by our family assets to uplift poor and other disadvantaged and marginalised South Africans but was also duty bound and committed to ensuring that it would be done in a way that protects the interests and retains the confidence of our shareholders and investors‚” Motsepe said in a statement.
Motsepe founded African Rainbow Minerals (ARM)‚ which he chairs. He is also chairman of Harmony Gold (HAR)‚ in which ARM is a shareholder.