History
See also: History of South Africa and Economy of South AfricaDiamond and gold discoveries played an important part in the growth of the early South African Republic. A site northeast of Cape Town was discovered to have rich deposits of diamonds, and thousands rushed to the area of Kimberley in an attempt to profit from the discovery. The British later annexed the region of Griqualand West, an area which included the diamond fields. In 1868, the republic attempted to annex areas near newly discovered diamond fields, drawing protests from the nearby British colonial government. These annexations later led to the First Boer War of 1880-1881.
Gold was discovered in the area known as Witwatersrand, triggering what would become the Witwatersrand Gold Rush of 1886. Like the diamond discoveries before, the gold rush caused thousands of foreign expatriates to flock to the region. This heightened political tensions in the area, ultimately contributing to the Second Boer War in 1899. Ownership of the diamond and gold mines became concentrated in the hands of a few entrepreneurs, largely of European origin, known as the Randlords.
The gold mining industry continued to grow throughout much of the early 20th century, significantly contributing to the tripling of the economic value of what was then known as the Union of South Africa. In particular, revenue from gold exports provided sufficient capital to purchase much-needed machinery and petroleum products to support an expanding manufacturing base.
As of 2007, the South African mining industry employs 493,000 workers The industry represents 18% of South Africa's $588 billion USD Gross Domestic Product.
Read more about this topic: Mining Industry Of South Africa
Famous quotes containing the word history:
“Well, for us, in history where goodness is a rare pearl, he who was good almost takes precedence over he who was great.”
—Victor Hugo (1802–1885)
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)
“A great proportion of the inhabitants of the Cape are always thus abroad about their teaming on some ocean highway or other, and the history of one of their ordinary trips would cast the Argonautic expedition into the shade.”
—Henry David Thoreau (1817–1862)