When discussing the South African gold industry, people often treat mining, refining and selling as one activity. They aren't — each stage requires different technology, infrastructure, expertise and regulation, which matters when discussing how much value a country actually captures from its own natural resources.
Source: Rand Refinery
Frequently Asked Questions
What is doré?
The semi-pure gold material produced by a mine, before it undergoes refining into high-purity bullion.
How pure does refined gold become?
Rand Refinery's Miller process upgrades gold to 99.50% purity, with electrolysis able to push it above 99.99%.
Why does the distinction between mining and refining matter economically?
It affects how much value a country captures from its natural resources — a country can mine gold without capturing the additional value refining adds.