The concept of the auction came right around the time economists saw the opportunity between the gap of demand and supply as well as the value attached to some items. Economists generally like to believe that the auction originates from the concept of scarcity that is the death of a certain required commodity in the required amount. Resources are limited but the population grows, opening the biggest market in the whole wide world up for auction- resources. The land has its own format of adjusting its price according to market forces. But mineral and other resources need to be allocated not just on the basis of market forces but other factors like the population, its density, the local environment, etc. thus came into the picture the concept of controlled auctions by the government who usually own the resources. As most governments do not allow private sectors to own such important resources, the property themselves weren’t auctioned but rather leased out on a contract basis. In South Africa, the debate on sharing mineral wealth between stakeholders can be traced back to the mine labor disputes of the 1920s and 1940s, and the 1955 freedom charter (competitive resource tenders as an option for mining rights allocation in South Africa, November 2013). Around the world, the auctioning of mines started in the 1950s.