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Santiago, commonly known as Santiago de Chile, is the capital and the largest city in Chile, it is also the oldest city of Chile. It was founded in the sixteenth century by the Spanish conquistador Pedro de Valdivia, who chose this location due to its temperate climate and the defensive qualities of the area. Santiago remained a small provincial town until the late 19th century when mining of saltpeter began. Then the capital started to grow quickly and as early as in the middle of the 20th century it became one of the most modern cities in South America. Despite numerous disasters ravaging the city, Santiago de Chile maintains its position of the most important economic, financial and cultural center of the continent.