$1 Billion Fund Targets Critical Minerals in Africa, Led by Ex-Gold Fields CEO

Chris Griffith, former CEO of Gold Fields (JSE, NYSE: GFI), has joined a private equity venture to raise $1 billion for investments in African critical minerals. This move comes four years after he left his role as CEO following the failed Yamana Gold takeover bid by Gold Fields. Griffith told Investec Minds that a private equity team approached him to help tap growing interest in Africa's critical minerals sector, causing him to shelve plans for retirement.

He is working alongside former Goldman Sachs banker Colin Coleman and former Ashanti Goldfields chair Sam Jonah. The group aims to raise the $1 billion at an early stage of fundraising. Griffith reflected on his tenure as CEO and the failed bid for Yamana, noting that gold was trading at around $1,700 per oz. at the time compared with today's price of about $4,300 per oz.

Gold Fields shares were also significantly lower during this period, trading at about $8.85 in New York compared to roughly $41.25 now. Griffith acknowledged that the bid came too early and the scale of the proposed transaction unsettled shareholders. The company has since made two major acquisitions, including the purchase of Osisko Mining for $1.6 billion and Gold Road Resources.