Discuss in details the economic consequences of the discovery of gold and diamond in south africa Note:
Diamond and gold production may now be well down from their peaks, though South Africa is still no. 2 in gold but South Africa remains a cornucopia of mineral riches. [ It is the world's largest producer of chrome, manganese, platinum, vanadium and vermiculite. It is the second largest producer of ilmenite, palladium, rutile and zirconium. It is also the world's third largest coal exporter.South Africa accounted for 15% of the world's gold production in 2002 and 12% in 2005, though the nation had produced as much as 30% of world output as recently as 1993. 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.
Among the nation's gold mines are two of the deepest mines in the world. The East Rand Mine, in Boksburg, extends to a depth of 3,585 metres (11,762 ft). A 4-metre (13 ft) shallower mine is located at TauTona in Carletonville, though plans are in place to begin work on an extension to the TauTona mine, bringing the total depth to over 3,900 metres (12,800 ft) and breaking the current record by 127 feet (39 m). At these depths the temperature of the rocks are 140 ?F (60 ?C).
Ever since the Kimberley diamond strike of 1868, South Africa has been a world leader in diamond production. The primary South African sources of diamonds, including seven large diamond mines around the country, are controlled by the De Beers Consolidated Mines Company. In 2003, De Beers operations accounted for 94% of the nation's total diamond output of 11,900,000 carats (2.4 t). This figure includes both gem stones and industrial diamonds. Diamond production rose in 2005 to over 15,800,000 carats (3.2 t)http://en.wikipedia.org/wiki/Mining_industry_of_South_Africa
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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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