South African Mining Magnate Joins Giving Pledge

South African billionaire Patrice Motsepe has announced that he will join the Giving Pledge, the campaign started by Bill and Melinda Gates and Warren Buffett to encourage the world's richest individuals and families to give the bulk of their wealth to charity, Reuters reports.

While Motsepe, the first African to sign on to the campaign, did not say how much he plans to give to charity, he did say he would "contribute at least half of the funds generated by our family assets" to the Motsepe Foundation and that the bulk of the foundation's grantmaking would be directed to education and health initiatives in South Africa. Forbes magazine estimates the value of the mining magnate's estate at $2.65 billion.

Since the Giving Pledge was launched in 2010, nearly a hundred individuals and families have signed on to the campaign. Motsepe, founder and executive chairman of African Rainbow Minerals, and his wife, Precious, said at a news conference that they want to help the millions of South Africans who are mired in poverty. "We recognize the huge responsibility and duty that the Motsepe family has to the poor," said Motsepe, who added that he would urge other South Africans to follow suit.