Angola’s state-owned diamond miner, Endiama plans to sell a 30% stake in the company to overseas investors shortly. even as the government has announced its aim of raising diamond production from the current 9 million carats to 14 million carats in 2020, reports in the local media said.rnrnGroup chairman, José Manuel Ganga Junior said in an interview to Bloomberg last week, that the sale would also boost transparency in the sector, and help to kickstart the Luaxe project under Endiama subsidiary, Sociedade Mineira de Catoca.rnrnThe government plans to retain control over the company as it seeks to finalise valuations and decide on other modalities of the sale, which is expected to be in the form of an initial public offering (IPO) either on the Luanda exchange, or on some other suitable exchange recommended by the company’s bankers, the report added.rnrnThe Luaxe project is estimated to require at least $300 million in investments to launch operations. It is run by Catoca, in which Endiama and Russia’s ALROSA are the major stakeholders.rnrnThe move is part of the larger plan being drawn up by the new government of Joao Lourenço to attract private investment and help the country’s economy emerge out of its current crisis.rnrnIn 2019, the government has already announced some liberalisation in the controls on sales and marketing of diamonds that were in place under the earlier regime of former Angolan President dos Santos. The country has been recently rocked by a scandal pertaining to alleged corruption in companies in the diamond and other sectors, managed in many cases by the former president’s now controversial daughter Isabel Dos Santos.