Chris Griffith, the former chief executive of Gold Fields, has joined a private equity venture targeting $1 billion in investments across African critical minerals, according to Mining.com. Griffith's move into the critical minerals sector marks a significant shift from his previous leadership roles in traditional gold mining and base metals operations. Griffith departed Gold Fields in December 2022 following the collapse of a $6.7 billion all-share takeover bid for Yamana Gold.
The proposed transaction, which would have elevated Gold Fields into the upper echelon of global gold producers, ultimately failed when competing bidders Agnico Eagle Mines and Pan American Silver secured the asset instead. Reflecting on the failed acquisition, Griffith noted the substantial appreciation in gold prices and Gold Fields' equity value since the bid was made. Gold was priced at approximately $1,700 per ounce at the time of the offer, compared to roughly $4,300 per ounce currently.
Gold Fields shares traded around $8.85 in New York during the bid period, versus approximately $41.25 at present. Despite acknowledging that the combined fundamental value of the assets exceeded the offer price, Griffith stated that the timing proved premature during his tenure and that deal size concerns weighed on shareholder sentiment. Following his departure from Gold Fields, the company executed two substantial acquisitions.
In 2024, Gold Fields agreed to acquire Osisko Mining for $1.6 billion, gaining complete control of the Windfall gold project in Quebec. Subsequently, in 2025, the company announced a deal to acquire Gold Road Resources for approximately $2.4 billion, establishing full ownership of the Gruyere gold mine in Western Australia. Griffith's transition to the private equity venture represents the next phase of his career trajectory.
The investment team includes Colin Coleman, formerly a Goldman Sachs banker, and Sam Jonah, who previously chaired Ashanti Goldfields. Speaking during an online program hosted by Investec Minds, Griffith explained that he had initially planned to retire but reconsidered when private equity investors approached him to lead efforts responding to growing interest in Africa's critical minerals sector. Griffith acknowledged that the fundraising process remains in its early stages and emphasized his commitment to building the private equity operation.
This initiative follows his two-year period leading Vedanta's base metals division, a position he vacated in July 2025. The venture reflects broader market dynamics surrounding critical minerals development in Africa, though specific details regarding investment targets and operational timelines remain limited at this stage. Source: Mining.com, Investec Minds, IndexBox
Source: indexbox.io