Ex-Gold Fields CEO Targets $1 Billion Fund for African Critical Minerals

Former Gold Fields CEO Chris Griffith has joined a private equity venture seeking to raise $1 billion to invest in Africa’s critical minerals sector, marking a new chapter in his mining career.

Griffith said the fundraising effort is still at an early stage and follows an approach from private equity investors interested in capitalising on growing demand for Africa’s cobalt, copper, lithium, nickel and rare earth resources.

“I was contacted by a private equity team that is starting up,” Griffith said during an Investec Minds online broadcast. “I’m part of a private equity team now, seeking to raise a billion dollars to invest in African critical minerals.”

Griffith is working with former Goldman Sachs banker Colin Coleman and former Ashanti Goldfields chair Sam Jonah to establish the investment platform.

The proposed fund comes as African countries seek to attract more investment into critical minerals while increasing local processing and value addition. The continent holds significant deposits of minerals considered important to energy, technology and industrial supply chains.

Griffith previously led Gold Fields before stepping down as chief executive in December 2022 following the miner’s unsuccessful $6.7 billion all-share bid for Yamana Gold.

Reflecting on the transaction, Griffith said the proposed combination offered significant underlying value but acknowledged that the size of the deal and its timing created concerns among Gold Fields shareholders.

Gold Fields subsequently pursued other major acquisitions, agreeing in 2024 to acquire Osisko Mining for $1.6 billion and, in 2025, reaching an agreement to acquire Gold Road Resources in a transaction initially valued at about $2.4 billion.

Before moving into the new private equity venture, Griffith also spent two years leading Vedanta’s base metals division. He resigned from that position in July 2025.

His new role shifts his focus from managing listed mining companies to mobilising private capital for African mineral assets, working with experienced figures from the continent’s mining and financial sectors.

The proposed $1 billion fund remains in its early fundraising phase, with its eventual investments expected to depend on capital commitments and opportunities identified across Africa’s critical minerals industry.