ArcelorMittal and Nunavut Iron Ore become equal partners in Baffinland
13 Décembre 2012 - 5:30PM
Luxembourg, 13 December
2012 - ArcelorMittal and Nunavut Iron Ore, Inc., a subsidiary
of Iron Ore Holdings, LP and a company in The Energy and Minerals
Group, have agreed that Nunavut Iron Ore will increase its interest
in Baffinland Iron Mines Corporation (Baffinland) from 30% to 50%.
In consideration, Nunavut Iron Ore will increase its share of
funding for development of Baffinland's Mary River Iron Ore
Project.
ArcelorMittal will retain a 50%
interest in the project as well as operator and marketing
rights. The Group will also continue to execute the project
development and management for the joint venture.
The arrangements are subject to
customary conditions precedent and are expected to be completed
early in the new year. The shareholders remain committed to
advancing the development of the Mary River Iron Ore Project.
Tom Paddon, President & Chief
Executive Officer of Baffinland, said, "This has been an
excellent month for the Mary River Iron Ore Project. Two
important milestones have been achieved. Last week, Minister Duncan
announced federal approval of the Mary River Iron Ore Project. Now,
with these arrangements, we have secured additional shareholder
support for the project."
About ArcelorMittal
ArcelorMittal is
the world's leading steel and mining company, with a presence in
more than 60 countries.
ArcelorMittal is
the leader in all major global carbon steel markets, including
automotive, construction, household appliances and packaging, with
leading R&D and technology. The Group also has a world class
mining business with a global portfolio of over 20 mines in
operation and development, and is the world's 4th largest iron ore
producer. With operations in over 22 countries spanning four
continents, the Company covers all of the key industrial markets,
from emerging to mature, and has outstanding distribution
networks.
Through its core
values of sustainability, quality and leadership, ArcelorMittal
commits to operating in a responsible way with respect to the
health, safety and well-being of its employees, contractors and the
communities in which it operates. It is also committed to the
sustainable management of the environment. It takes a leading role
in the industry's efforts to develop breakthrough steelmaking
technologies and is actively researching and developing steel-based
technologies and solutions that contribute to combat climate
change. ArcelorMittal is a member of the FTSE4Good Index and the
Dow Jones Sustainability World Index.
In 2011,
ArcelorMittal had revenues of $94.0 billion and crude steel
production of 91.9 million tonnes, representing approximately 6 per
cent of world steel output. The Group's mining operations produced
54 million tonnes of iron ore and 8 million tonnes of metallurgical
coal.
ArcelorMittal is
listed on the stock exchanges of New York (MT), Amsterdam (MT),
Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of
Barcelona, Bilbao, Madrid and Valencia (MTS).
For more
information about ArcelorMittal visit:
www.arcelormittal.com
Contact information ArcelorMittal Investor
Relations
Europe
+ 352 4792 2484
Americas
+ 1 312 899 3569
Retail
+ 44 203 214 3198
SRI
+ 44 207 543
1128
Bonds/Credit
+ 33 171 92 10 26 |
Contact information ArcelorMittal Corporate
Communications
E-mail: press@arcelormittal.com
Phone: +352 4792 5000 |
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations)
+ 44 20 3214 2845
Tobin Postma
+ 44
20 3214 2412
United Kingdom
Maitland Consultancy:
Martin Leeburn
+ 44 20 7379
5151
France
Image 7
Sylvie Dumaine / Anne-Charlotte Creach + 33 1
5370 7470 |
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information contained therein.
Source: ArcelorMittal S.A. via Thomson Reuters ONE
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