Tierra del Fuego (pron.: /tiːˈɛərə dɛl ˈfweɪɡoʊ/, Spanish: [ˈtjera ðel ˈfweɣo]; Spanish for "Fireland" or "Land of Fire") is an archipelago off the southernmost tip of the South American mainland, across the Strait of Magellan. The archipelago consists of a main island Isla Grande de Tierra del Fuego divided between Chile and Argentina with an area of 48,100 km² (18,572 sq mi), and a group of many islands including Cape Horn and Diego Ramírez Islands. While initially discovered by Ferdinand Magellan's expedition in 1520, it was not settled by people of European descent until the second half of the 19th century at the height of the sheep farming and gold rush booms. Today, petroleum extraction dominates economic activity in the north of Tierra del Fuego, while tourism, manufacturing and Antarctic logistics are important in the south.