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That year, South Africa introduced three smaller coins containing 1 ⁄ 2, 1 ⁄ 4, and 1 ⁄ 10 troy ounce (15.6, 7.8, and 3.1 g) of gold. [9] Economic sanctions against South Africa for its policy of apartheid made the Krugerrand an illegal import in many Western countries during the 1970s and 1980s, with the United States, which had ...
South Africa mined gold production, 1940–2011. South Africa accounted for 15% of the world's gold production in 2002 [23] and 12% in 2005, though the nation had produced as much as 30% of the yearly world output as recently as 1993. Despite declining production, South Africa's gold exports were valued at US$3.8 billion in 2005. [24]
The ownership of South Deep has now devolved to Gold Fields, and the deposit is still being developed as one of the largest low-grade gold deposits in the world. In 1995 the majority shareholder, Anglo American Corp, decided to offer JCI to the new political dispensation in South Africa as a Black Economic Empowerment vehicle.
Almost 90% of South Africa's exports to the rest of Africa go to the SADC economies. In 2018, South Africa exported and imported goods to and from the rest of Africa to the value of US$25 billion and US$11.5 billion, respectively. Intra-Africa exports account for 26% of South Africa's total exports and imports for 12% of total imports for 2018.
The farm near Johannesburg where gold was first discovered in 1886. The Mineral Revolution is a term used by historians to refer to the rapid industrialisation and economic changes which occurred in South Africa from the 1860s onwards.
DRDGOLD Limited (formerly Durban Roodepoort Deep Limited) is a South African gold producer and a specialist in the recovery of the metal from the retreatment of surface tailings. The company is listed on the New York [3] and Johannesburg [4] stock exchanges. Their financial year ends on 30 June.
The Kinross mine disaster (16 September 1986) resulted in the deaths of 177 miners and the injury of 235 others, [1] making it one of the largest mining incidents in South Africa. [ 1 ] The disaster occurred at the Kinross gold mine when welding set alight an acetylene cylinder.
By law, the South African Mint Company is the only company allowed to manufacture South African legal tender coins such as the world-famous Krugerrand. Rand Refinery supplies all the gold used to manufacture the coins. It has been appointed the sole supplier of bullion Krugerrands to primary distributors both locally and internationally.