Griffith Seeks $1 Billion for Africa Critical Minerals Play

Chris Griffith, former CEO of Gold Fields, has teamed up with private equity investors to raise $1 billion for investments in Africa's critical minerals. Griffith, who left Gold Fields four years ago after a failed attempt to merge with Yamana Gold, said his plans to retire were disrupted by the approach from private equity investors.

Griffith is working closely with Colin Coleman, a former Goldman Sachs banker, Sam Jonah, and colleagues in Ghana and South Africa to set up a private equity business. The team aims to raise $1 billion to invest in African critical minerals.

Griffith reflected on the failed bid for Yamana Gold, which would have valued the deal at $6.7 billion. He said that the gold price has more than doubled since the deal fell through, and that paying a premium was 'actually the right thing to do' given the underlying value of the assets.

Gold Fields has gone on to strike two deals in the past two years, with Osisko Mining for $1.58 billion and Gold Road Resources for $2.6 billion. The surge in gold prices has helped Gold Fields' share price leap nearly 200%, valuing the group at R605 billion.