Chris Griffith joins venture to raise $1B for African critical minerals

Former Gold Fields CEO Chris Griffith has joined a new private equity venture aiming to raise $1 billion to invest in Africa’s critical minerals sector. Griffith, who stepped down from Gold Fields in December 2022 following a failed $6.7 billion bid for Yamana Gold, stated that his retirement plans were postponed after being approached by the startup team.

Griffith is working alongside former Goldman Sachs banker Colin Coleman and former Ashanti Goldfields chair Sam Jonah to establish the business. The fundraising effort is currently in its early stages.

Reflecting on his tenure at Gold Fields, Griffith noted that the failed Yamana Gold takeover occurred when gold was trading at approximately $1,700 per ounce, compared to current levels near $4,300 per ounce. He acknowledged that the scale of that transaction had unsettled shareholders at the time.