Company MiningArticle | Updated 7 years ago A group of miners waiting at the top of the mine shaft to start their shift, Paddington Consols, 11 July 1908 Thousands of people headed to the goldfields to try to win their fortunes, but often these ventures were unsuccessful. Within a short time, three of Coolgardie’s mines failed, which shifted attention and investment to the Kalgoorlie finds. From 1894, the discovery of the Boulder lodes and others within a mile radius indicated the complexity and richness of what was to be called the Golden Mile. Small groups of prospectors and miners no longer had the resources to follow these deep leads. A group of miners waiting at the top of the mine shaft to start their shift, Paddington Consols, 11 July 1908 Image copyright WA Museum Steam engines were needed to pump water from deep underground and to run the stamper batteries used for crushing the ore. Supported by overseas capital, the gold mining industry expanded rapidly. In the three years 1894-1896 a total of 960 new Western Australian mining and prospecting companies were floated on the London Stock Exchange. Loading skips ready for ascent to surface at Perseverance Gold Mine, 1907 Image copyright WA Museum Bayley’s Reward, Great Boulder and Lake View Consols were the most profitable mines. Many smaller companies amalgamated and by 1900 British shareholders held 22 of Western Australia’s biggest and most lucrative mines, and possibly 100 of the smaller ones. This boom was not to last for long, with gold production reaching its peak in 1903. Miners having ‘crib’ at 1600 foot level, Great Boulder Mine, c.1896 Image courtesy State Library of Western Australia 2603P ‹ Small Show Mining Alluvial Tensions ›