(Adds Codemig comments)
SAO PAULO, Jan 29 (Reuters) - The development agency owned by Brazilian state of Minas Gerais, known as Codemig, is planning an initial public offering and has invited investment banks to a hiring process, the company said in a statement on Monday.
Codemig did not confirm the amount of the offer or when it would take place. Codemig’s assets include a niobium mine, among other investments. Newspaper Valor Economico first reported that Codemig aimed to raise up to 3 billion reais ($950.90 million)by mid-year. ($1 = 3.1650 reais) ($1 = 3.1549 reais) (Reporting by Carolina Mandl)