Final answer:
Spain was the colony known for mining significant quantities of gold and silver, particularly from Potosí, with the rich mineral wealth bolstering Spain's economy during the era of colonization.
Step-by-step explanation:
The colony that mined for gold and silver was predominantly controlled by Spain. Spain's economic policy was strongly influenced by mercantilist ideas, leading to the establishment of treasure fleets that transported vast amounts of bullion, including gold and silver, back to Spain from the New World. The mountain called Potosí in South America was particularly notable for its rich veins of silver ore, and this discovery contributed significantly to the wealth of the Spanish Empire.
Spain's colonies, such as Potosí, became the backbone of its economy, and the precious metals extracted were key to funding the European industrialization. Spanish silver coins, often referred to as "pieces of eight," became a widely accepted international currency due to their abundance. The valuable resources acquired from colonies were essential in establishing Spain's economic dominance during that period.