Great Consolidated Diamonds Ltd is investing $100 million to re-open the Akwatia diamond mine in eastern Ghana.

The 100% Ghanaian-owned company, which was inaugurated this week, plans to establish an integrated diamond mining and diamond processing industry.



The GCDL's five-year, multi-phase plan includes hiring consultants with expertise not only in mining, but also in business and community development, as well as finance.

Within five years, the mine is expected to reach annual production of 1 million carats and provide direct employment for over 2,500 people. Some 50,000 additional jobs in support services are expected to be created.

GCDL Vice President John Dramani Mahama, speaking at the company's inauguration ceremony, said that Ghana's diamond production had dropped off over the years. According to the Kimberley Process Annual Global Summary, in 2010 Ghana produced only 333,627 carats of diamonds worth $11.5 million.

Mahama declared that re-starting operations at the Akwatia diamond mine signified a milestone for the country's mining industry.