# CODEMGE

CODEMGE is a Government / Public Body based in Belo Horizonte, Brazil.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Belo Horizonte, Brazil
- **Region:** Latin America
- **Address:** Belo Horizonte, Minas Gerais, Brazil
- **Founded:** 1963
- **Assets under management:** Undisclosed
- **Website:** codemge.com.br
- **LinkedIn:** https://www.linkedin.com/company/codemge

## Regulatory record

- **Reports private funds:** No

## About

Codemge is a state-owned company under the government of Minas Gerais. It operates within the public-sector development framework, focusing on industrial, infrastructure, and tourism development. The company is based in Brazil and invests in private equity and venture capital funds.

## Sectors

- Real Estate
- Infrastructure
- Mining & Metals
- Industrial Tech

## Questions

### How does CODEMGE generate revenue?

Revenue comes primarily from its joint venture with CBMM for niobium exploration in Araxá, alongside commercial real estate from properties like Expominas and historic hotels. The company occasionally realizes lump-sum gains through asset sales, such as the 2023 divestiture of its Helibras stake to Airbus Helicopters.

### Does CODEMGE invest in startups or venture capital?

No. CODEMGE's portfolio is concentrated in natural resource royalties, legacy industrial holdings, and commercial real estate. It is not a technology investor and does not operate a fund-of-funds or direct-venture strategy. Its mandate is custodial and monetization-focused.

### What is the significance of CODEMGE's niobium position?

CODEMGE participates in the Araxá niobium operations through an interest in CBMM, which controls the largest commercially viable niobium reserves in the world. Niobium is critical for high-strength steel alloys and infrastructure applications. This asset is the primary driver of CODEMGE's long-term revenue.

### Does CODEMGE manage funds for external investors?

CODEMGE does not raise or manage third-party capital. It operates exclusively as a proprietary balance-sheet vehicle for the State of Minas Gerais, recycling proceeds from asset sales and royalty income back into public infrastructure or state treasury requirements.

### What is CODEMGE's governance structure?

CODEMGE is governed as a state-owned enterprise under Brazilian corporate law, with its board and executive leadership appointed by the controlling shareholder, the government of Minas Gerais. It publishes financial statements but does not disclose a detailed management roster publicly.

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Last updated: 2026-06-03T20:00:00.000Z

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