In the Encyclopaedia Britannica 1911 Edition Vol 12 p194 we find:


Statistics of Gold Production. - The supply of gold, and also its relation to the supply of silver, has, among civilized nations, always been of paramount importance in the economic questions concerning money (see Money and Bimetallism); in this article a summary of the modern gold-producing areas will be given, and for further details reference should be made to the articles on the localities named…


…Among the regions not previously important as gold-producers which now contribute to the annual output, the most remarkable are the goldfields of South Africa (Transvaal and Rhodesia, the former of which were discovered in 1885).


And then on page 195:


Undoubtedly the greatest of the gold discoveries made in the latter half of the 19th century was that of the Witwatersrand district in the Transvaal. By reason of its unusual geological character and great economic importance this district deserves a more extended description. The gold occurs in conglomerate beds, locally known as "banket." There are several series of parallel beds, interstratified with quartzite and schist, the most important being the "main reef" series. The gold in this conglomerate reef is partly of detrital origin and partly of the genetic character of ordinary vein-gold. The formation is noted for its regularity as regards both the thickness and the gold-tenor of the ore-bearing reefs, in which respect it is unparalleled in the geology of the auriferous formations. The gold carries, on an average, £2 per ton, and is worked by ordinary methods of gold-mining, stamp-milling and cyaniding. In 1899, 5762 stamps were in operation, crushing 7,331,446 tons of ore, and yielding £15,134,000, equivalent to 25-5% of the world's production. Of this, 80% came from within 12 m. of Johannesburg. After September 1899 operations were suspended, almost entirely owing to the Boer War, but on the 2nd of May 1901 they were started again. In 1905 the yield was valued at £20,802,074, and in 1909 at £30,925,788. So certain is the ore-bearing formation that engineers in estimating its auriferous contents feel justified in assuming, as a factor in their calculations, a vertical extension limited only by the lowest depths at which mining is feasible. On such a basis they arrived at more than £600,000,000 as the available gold contained in the Witwatersrand conglomerates. This was a conservative estimate, and was made before the full extent of the reefs was known; in 1904 Lionel Phillips stated that the main reef series had been proved for 61 m., and he estimated the gold remaining to be mined to be worth £2,500,000,000.