Mzi Khumalo is an entrepreneur, investor, and Chairman of Gold & General, his private investment office.
Over the last four decades, he has founded, built, and scaled businesses in Africa spanning financial services, telecommunications, and commodities. Throughout his career, he has brought to companies a unique blend of financial success, governance rigor, and industry-leading social returns.
As an entrepreneur, he is also known for his unrivalled ability to identify overlooked investment opportunities and navigate economic and geopolitical risk. This has given Mzi the ability to successfully deliver strong risk-adjusted returns. Mzi has repeatedly outperformed market benchmarks and partnered with a number of the world’s largest international businesses, including Alliance Bernstein and Anglo American.
His knowledge of business in Africa, strong networks, and operational experience has enabled him to build a pipeline of investment opportunities not readily available to traditional investors, as well as the expertise to reliably evaluate the underlying potential of different business opportunities.
In 1994, Mzi founded Capital Alliance Group, an asset management and financial services conglomerate with companies spanning insurance, banking, property management, and consultancy. In 1996, under the auspices of Capital Alliance, he successfully raised $600 million to acquire a majority shareholding in JCI, the mining giant. JCI became South Africa's first black mining company and Mzi served as Executive Chairman until 1998. On its eventual sale, Capital Alliance managed in excess of $8 billion.
In 2002, Mzi founded Metallon Corporation (SA), growing it into one of Africa’s most successful companies. On founding, Metallon acquired African Harvest, a then-loss-making asset management company. Mzi and his team successfully turned around the business and, at its peak, African Harvest managed approximately $6.5 billion, with an estimated valuation of $1 billion. Metallon exited the business to Cadiz in 2006.
In 2009, Mzi founded Metallon Corporation (UK), with a view to developing businesses in Africa. Since its inception, Metallon has acquired a number of Zimbabwe’s most successful gold mining assets. Metallon’s three major assets – How, Redwing, and Mazowe – produced more than 1.7 million ounces of gold between 2002 and 2020. Over recent years, under Mzi's leadership, Metallon has diversified its interests into African oil and gas opportunities. In 2017, Mzi acquired 60% of Standard Telecom, one of the largest independent telecommunications companies in central Africa, which subsequently acquired a 4G licence in 2019.
Mzi is a former board member of Anglo American (FTSE 100 multinational mining company), Telkom Group (South Africa’s 3rd largest telecom group), Johannesburg Consolidated Investment, McCarthy Retail Limited (South Africa’s leading retailer of motor vehicles), and Mintek.
Mzi’s leadership and entrepreneurial skills and his extensive relationships have been core to the success of Metallon Corporation and other
organizations he has been involved in.
Throughout his career, Mzi has chosen to invest in opportunities where he is not only able to deliver superior shareholder returns through strengthening a company’s governance, operations, financial management and controls, but where he is able to deliver strong, long-term social returns. His businesses have made a name for themselves across Africa for investing in schools, hospitals, roads and other infrastructure organizations he has been involved in.
Outside of business, Mzi is a passionate supporter of wildlife causes. He is a Trustee of the World Wildlife Fund of Southern Africa and his family owns a private reserve focused on the conservation and preservation of endangered plants and wildlife, including rhinos, giraffes, and elephants.
Mzi is also a co-founder and Trustee of the Mzi and Khosi Khumalo Foundation, his family foundation. Through the Foundation, his family supports educational causes and has awarded scholarships to underprivileged young people in South Africa to attend leading schools and universities.
Between 1978 and 1990, Mzi was a political prisoner in South Africa. He served on Robben Island alongside Nelson Mandela and other ANC stalwarts for his participation in activism against the country’s state-mandated apartheid policies. In 1990, 12 years after his initial imprisonment, Mzi was released as a result of growing domestic and international pressure for the release of political prisoners. He established extensive relationships locally and internationally established through this experience.
He holds a Bachelor of Commerce from the University of South Africa.