Griffith Joins $1B Africa Critical Minerals PE Fund

Chris Griffith, former CEO of Gold Fields, has entered a private equity partnership aimed at raising $1 billion to invest in African critical minerals. Griffith confirmed the initiative on the Investec Minds broadcast, stating that the fundraising process is currently in its early stages.

He stepped away from his planned retirement to join this venture after being approached by investors seeking to capitalize on the growing demand for essential minerals on the continent.

The new fund’s leadership team includes Colin Coleman, a former Goldman Sachs banker, and Sam Jonah, former chair of Ashanti Goldfields. Griffith described his current role as involving significant time spent establishing the business structure of the private equity vehicle. This marks a strategic shift for the mining executive, moving from managing listed gold producers to sourcing private capital for a different category of natural resources.

Yamana acquisition failure prompted departure

Griffith left Gold Fields in December 2022 following the collapse of a $6.7 billion all-share bid for Yamana Gold. At the time, gold prices were approximately $1,700 per ounce, a level significantly lower than the current market price of roughly $4,300 per ounce. Gold Fields shares traded at about $8.85 in New York during that period, compared to their current value of approximately $41.25.

The failed takeover was intended to position Gold Fields as a top-tier global producer, but a competing offer from Agnico Eagle Mines and Pan American Silver ultimately succeeded. Griffith acknowledged that the proposed transaction was too large for shareholders to accept early in his tenure. He noted that the underlying value of the combined assets was substantially higher than the premium paid in the bid.

Gold Fields pursues subsequent major deals

Since Griffith’s departure, Gold Fields has executed two significant acquisitions to expand its portfolio. In 2024, the company agreed to purchase Osisko Mining for $1.6 billion, which consolidated its ownership of the Windfall gold project in Quebec. This move reinforced its position in the North American market and secured long-term resource potential.

In 2025, Gold Fields reached an agreement to acquire Gold Road Resources in a transaction initially valued at approximately $2.4 billion. This acquisition grants the company full ownership of the Gruyere gold mine in Western Australia. These deals demonstrate the company’s continued commitment to growth through large-scale mergers and acquisitions in established mining jurisdictions.

Career transition to private capital

Griffith’s new role follows a two-year tenure leading Vedanta’s base metals division, from which he resigned in July 2025. His move into private equity represents a distinct change in professional focus, shifting from operational leadership of public companies to investment banking and fund management. The African critical minerals sector is attracting substantial private interest as governments and industries seek to diversify supply chains away from traditional sources.

According to Mining.com, Griffith’s involvement lends industry credibility to the new venture. The team’s composition combines deep mining operational experience with high-level financial expertise. As the fund begins its fundraising drive, it aims to deploy capital into projects that address the strategic need for critical minerals across the African continent.