Gold Mining History

A brief history of gold uses, prospecting, mining and production Uses of Gold in the Ancient World

Gold was among the first metals to be mined because it commonly occurs in its native form, that is, not combined with other elements, because it is beautiful and imperishable, and because exquisite objects can be made from it. Artisans of ancient civilizations used gold lavishly in decorating tombs and temples, and gold objects made more than 5,000 years ago have been found in Egypt. Particularly noteworthy are the gold items discovered by Howard Carter and Lord Carnarvon in 1922 in the tomb of Tutankhamun. This young pharaoh ruled Egypt in the 14th century B.C. An exhibit of some of these items, called "Treasures of Tutankhamun," attracted

In 2007, gold mining in South Africaemployed over 240 000 people and accounted for R49 billion in foreign currency earnings.

Gold mining in South Africa had, by 1975, produced 40% of gold ever mined. However, by 2009, China affirmed its status as the world’s largest gold producer with a production of 324 tonnes, followed by Australia at 222.8, and South Africa with 219.8 tonnes (a decrease of 6%).

Gold mining in South Africa continues to be a major contributor to the economy and the establishment of the nation’s infrastructure. New mines, such as the Burnstone Mine, 80km south-east of Johannesburg with an estimated value of ZAR 3, 5 billion, continue to open. Typical of gold mining in South Africa, the project is estimated to have a lifespan of 25 years. The opening of other gold mining projects, such as the R1 billion Doornkop South Reef Mine – expected to deliver 82.8 tonnes of gold within a 20-year period – adds to the idea that gold mining in South Africa is still a viable and lucrative

Far more than diamonds, this changed South Africa from an agricultural society to become the largest gold-producer in the world.

Gold increased trade between South Africa and the rest of the world. For the main trading nations ie the Europe and the United States, gold was of value because their currencies were backed by gold. This was known as the gold standard. Under the gold standard, these countries had to keep gold in a bank vault to the value of thecurrencythey issued. For example, if the government of a country wanted to print more money, it had to buy gold to back that money. If that country did not produce gold itself, it had to import gold from another country.

Under the gold standard the price of gold was fixed internationally. It was kept low as this benefited nations in Europe and the United States amongst others. These strong nations did not produce gold and had to buy it from elsewhere to back their own currency.

In the 1930s many countries abandoned the gold standard.The effect that this had on the South African economy will be examined later on this feature.

The Gold