Former Gold Fields (NYSE:GFI) CEO Chris Griffith has joined a private equity team seeking to raise US$1 billion ($1.42 billion) for investments in African critical minerals.
Griffith disclosed the initiative during an Investec Minds interview published on 22 September.
The team includes former Goldman Sachs (NYSE:GS) sub-Saharan Africa CEO Colin Coleman and Ghanaian mining executive Sam Jonah, alongside colleagues in Ghana and South Africa.
“We’re in the early stages of raising the funds for that,” Griffith says.
He says the group is establishing the private equity business, but did not identify the vehicle or provide a timetable for completing the fundraising.
No investors or capital commitments have been announced. The team has also not disclosed intended investment sizes, targeted countries or projects, or whether the vehicle will invest in exploration, development, operating mines, or associated processing infrastructure.
Griffith previously led Gold Fields, Kumba Iron Ore (JSE:KIO), and Anglo American Platinum, which was renamed Valterra Platinum (JSE:VAL) following its demerger from Anglo American (LSE:AAL). He most recently headed Vedanta Resources’ base metals operations.
Jonah is the founder and Executive Chairman of privately held Jonah Capital. He previously led Ashanti Goldfields, which combined with AngloGold in 2004 to form AngloGold Ashanti (NYSE:AU).
Coleman retired from Goldman Sachs in 2019 after serving as CEO for sub-Saharan Africa and previously heading its investment banking division in the region.
The proposed fund’s management structure, investment mandate, fees, and expected first-close date have not been disclosed.
Write to France Pinzon at Mining.com.au
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