Discuss in details the economic consequences of the discovery of gold and diamond in south africa
The South African mining industry has been the mainstay of the South African economy for over a century. Gold and diamonds are the two highly valued products of the country. [ South Africa accounted for 15% of the world's gold production in 2002 and 12% in 2005. Despite declining production, South Africa's gold exports were valued at $3.8 billion USD in 2005. Almost 50% of the world's gold
reserves are found in South Africa. Ever since the Kimberley diamond strike of 1868, South Africa has been a world leader in diamond production.
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