Chris Griffith, the former chief executive of Gold Fields, has joined a private equity venture that aims to raise $1 billion to invest in African critical minerals. The move comes four years after he left the gold miner following a failed takeover bid for Yamana Gold. Griffith is working alongside former Goldman Sachs banker Colin Coleman and former Ashanti Goldfields chair Sam Jonah.
The new fund targets the growing demand for minerals such as lithium, cobalt and rare earths that are essential for batteries, renewable energy and electronics. Africa holds significant deposits of these materials but has historically struggled to attract capital for processing and refining. Griffith told an online broadcast that the fundraising effort is at an early stage.
The team behind the fund
Griffith said he was approached by a private equity team that was starting up and asked to help tap interest in Africa’s critical minerals sector. “I’m part of a private equity team now, seeking to raise a billion dollars to invest in African critical minerals,” he said during the broadcast. He is spending much of his time helping to set up the business.
Colin Coleman is a former Goldman Sachs partner who led the bank’s sub-Saharan Africa operations. Sam Jonah was the executive chairman of Ashanti Goldfields, one of Africa’s best-known mining companies. The combination of mining and finance experience is intended to reassure investors who may be wary of political and operational risks on the continent.
Griffith’s departure from Gold Fields
Griffith stepped down as Gold Fields CEO in December 2022 after the company’s $6.7 billion all-share bid for Yamana Gold was rejected. Shareholders were unsettled by the scale of the proposed transaction, which would have lifted Gold Fields into the top tier of global gold producers. Rival offers from Agnico Eagle Mines and Pan American Silver ultimately prevailed.
At the time of the bid, gold was trading at about $1,700 per troy ounce. Today the spot price is around $4,300 per ounce. Gold Fields shares in New York were about $8.85 then and are now roughly $41.25. Griffith has said the underlying value of the combined assets was substantially greater than the premium offered, but acknowledged the bid came too early in his tenure.
Since then, Gold Fields has completed two major acquisitions. In 2024 it bought Osisko Mining for $1.6 billion, securing the Windfall gold project in Quebec. The following year it agreed to acquire Gold Road Resources in a deal initially valued at about $2.4 billion, giving it full ownership of the Gruyere gold mine in Western Australia.
From listed mining to private capital
After leaving Gold Fields, Griffith spent two years running Vedanta’s base metals division. He resigned from that role in July 2025. The shift to raising private capital for critical minerals marks a new chapter, focused on assets that are often earlier-stage or require longer-term investment than public markets typically support.
The fund will also benefit from rising global attention to supply-chain security. Many governments are seeking to reduce reliance on dominant producers such as China, creating opportunities for African projects that can offer diversified sources of critical minerals. However, the fundraising environment for Africa-focused private equity remains competitive, and the venture will need to demonstrate strong governance and project economics to attract institutional capital.
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Key takeaways
- Chris Griffith, former Gold Fields CEO, is part of a private equity team seeking $1 billion for African critical minerals.
- The venture includes Colin Coleman (ex-Goldman Sachs) and Sam Jonah (former Ashanti Goldfields chair).
- Griffith left Gold Fields after its $6.7 billion Yamana bid failed in 2022; the company later bought Osisko Mining and Gold Road Resources.
- The fund aims to capitalise on demand for minerals vital to batteries and renewable energy, at a time when gold prices have more than doubled since the failed bid.
Common questions
Why is Chris Griffith focusing on critical minerals now?
Griffith has said he was approached by a private equity team seeking to raise capital for African critical minerals. He decided to shelve retirement plans and join the venture, leveraging his mining industry experience alongside the financial expertise of Coleman and Jonah.
What happened with Gold Fields’ acquisition of Yamana?
Gold Fields made a $6.7 billion all-share offer for Yamana Gold in 2022, but a higher bid from Agnico Eagle Mines and Pan American Silver won out. Griffith later said the deal came too early in his tenure and unsettled shareholders, though he believed the underlying value was greater than the premium offered.
The venture is at an early fundraising stage, and no specific projects have been announced. Its success will depend on market conditions and investor appetite for African critical minerals exposure.