De Beers founded in 1888

De Beers founded in 1888 - De Beers Consolidated Mines Ltd...

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De Beers Consolidated Mines Ltd. was founded in 1888 and incorporated on March 12, 1888, in South Africa by Cecil Rhodes. De Beers is responsible for 40% of the world’s diamond production. De Beers operates in 25 countries and does the majority of their mining in Botswana, Namibia, South Africa, and Tanzania. Cecil John Rhodes the founder arrived in South Africa in 1870 during the diamond rush. Rhodes realized early on that alone he could not make a fortune since individual claims were a mere 30 by 30 feet and impossible to work when the mining went into greater depths. He and his brother became partners and soon Charles Rudd who had a neighboring claim became a partner of the brothers. In 1878, claim restrictions were changed thus making syndicates possible. The 3600 individual claims that were there in 1878 were consolidated to a mere 96 by 1880. To consolidate all their claims Rudd and Rhodes formed the De Beer Mining Company and by 1887, they owned every claim in the De Beer mine. Barney Baranto came to South Africa in 1873; he joined the diamond rush in the
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This note was uploaded on 09/25/2011 for the course BUS 690 taught by Professor Amartinez during the Spring '10 term at S.F. State.

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De Beers founded in 1888 - De Beers Consolidated Mines Ltd...

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