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:
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—Josiah Royce (1855–1916)
“History has neither the venerableness of antiquity, nor the freshness of the modern. It does as if it would go to the beginning of things, which natural history might with reason assume to do; but consider the Universal History, and then tell us,—when did burdock and plantain sprout first?”
—Henry David Thoreau (1817–1862)
“the future is simply nothing at all. Nothing has happened to the present by becoming past except that fresh slices of existence have been added to the total history of the world. The past is thus as real as the present.”
—Charlie Dunbar Broad (1887–1971)