Pula Group Sues Patrice Motsepe for $195 Million

Patrice Motsepe, a South African billionaire, is facing a $195 million lawsuit filed by Tanzanian mining firm Pula Group, alleging that Motsepe's companies violated a non-compete agreement by investing in Evolution Energy Minerals, which operates adjacent to Pula's graphite project. The lawsuit, one of the largest in Tanzania's commercial court, claims that Motsepe's affiliated companies, including African Rainbow Minerals (ARM), breached a confidentiality agreement during discussions about a potential joint venture. Pula Group's chairman, Charles Stith, asserted that the claim amount reflects third-party estimates of the financial impact from the alleged breach. Motsepe's companies have denied any wrongdoing, stating there is no merit to the claims and that they had ultimately declined to invest in the Pula project. The case resumes on November 4, 2024, following a prior dismissal of a similar claim by Pula Group in May 2023. This ongoing legal battle highlights the tensions surrounding competitive practices in the mining sector.