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Baffinland Mary River ProjectMoving to Development
Americas Iron Ore ConferenceBelo Horizonte, November 2012
Disclaimer
Forward-Looking Statements
This document may contain forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial projections and estimates
and their underlying assumptions, statements regarding plans, objectives and expectations with
respect to future operations, products and services, and statements regarding future performance.
Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,”
“target” or similar expressions. Although ArcelorMittal’s management believes that the
expectations reflected in such forward-looking statements are reasonable, investors and holders
of ArcelorMittal’s securities are cautioned that forward-looking information and statements are
subject to numerous risks and uncertainties, many of which are difficult to predict and generally
beyond the control of ArcelorMittal, that could cause actual results and developments to differ
materially and adversely from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those discussed or identified in
the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de
Surveillance du Secteur Financier) and the United States Securities and Exchange Commission
(the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s Annual Report on Form
20-F for the year ended December 31, 2011 filed with the SEC. ArcelorMittal undertakes no
obligation to publicly update its forward-looking statements, whether as a result of new
information, future events, or otherwise.
ArcelorMittal Mining
The largest steel company in the world, producing nearly 10% of
global steel, with operations in 60 countries, including Canada.
Baffin Island Iron Ore
Americas Development
ArcelorMittal has three active development projects
currently in the Americas:
• Andrade, Brazil
• Mines Canada, Quebec Canada
• Baffinland Mary River Project, Arctic Canada
Andrade Expansion Project
�Total investment: 70,9 MUSD
�New plant in operation since beginning of September
�Project to be concluded in Q4 2013 with old plant demolition
Scope Remove Andrade old plant from the current location
increasing its capacity from 2.0Mtpy to 3.5Mtpy.
AMMC – overview of assets• The Mont-Wright complex is one of North America’s largest iron ore operations
• Production of 15Mtpa with expansion to 24Mtpa by 2013 underway;
6
• Port Cartier’s pellet plant has the capacity to produce 9.3Mtpa of iron ore pellets
• 2 production lines operating 24/7
• Wholly-owned 420-km railway infrastructure
• Infrastructure capacity capable of supporting future expansion scenarios
• One of Canada’s largest private ports
• Ability to handle cape-size vessels year round and to handle 30Mtpa without
significant additional Capex
• Additional development deposits at Mont-Reed and Fire Lake
• Potential for future expansion given size of resource base and existing
infrastructure
AMMC is located in the Labrador Trough.
It has fully integrated operations including wholly-owned port and rail.
6
AMMC expansion - from 14Mtpa to 24 Mtpa
• Expansion of our Mont Wright mine at AMMC and concentrate capacity to 24Mtpa due 2013 (from 16Mtpa post operational improvements) approved
• Expansion capitalizing on existing infrastructure, product quality and experienced workforce
• Capex C$1.2bn for mine and concentrator plant expansion
• Advantageously located with easy access to European and US markets
Mining expansion plan (concentrate) Million mt
* Total scheme investment of US$2.1 billion includes investment in expanding the pellet plant which has not yet been committed.
Strategic advantage from exclusive use of own rail and port facilities.
14 15
1
9
5
10
15
20
25
2011F 2013
Brownfield expansion
Canada base
`
About Baffinland
Baffinland Investment
• Owned 70% by ArcelorMittal and 30% by Iron Ore
Holdings LP (private equity firm).
• ArcelorMittal assumed majority ownership of
Baffinland Iron Mines on March 1, 2011.
• Focused exclusively on the exploration and
development of our Mary River Iron Ore Project.
Project Location
Yukon
British
ColumbiaAlberta
SaskatchewanManitoba
Ontario
Newfoundland
and Labrador
Québec
New
Brunswick Nova
Scotia
Prince
Edward
Island
Northwest
Territories Nunavut
Arctic Bay
Pond Inlet
Clyde River
Igloolik
HallBeach
Iqaluit
Steensby Port
Mary RiverMine Site
Milne Port
Property Highlights
11
• High Grade: ~ 65+% iron – lump and fine iron ore
• Large Tonnage Multi-generational Project:
– Resources Deposit:
• Reserve 375 million tonnes grading 65% Fe
• Resource 441 million tonnes grading 65% Fe
• High Quality Direct Shipping Iron Ore:
– No washing; just crushing and screening; low undersize
and excellent handling characteristics define it as a
natural pellet or Direct Shipping Pellet (DSP)
– 75% of output expected to be premium priced DSP ore; and
– 25% premium fine ore sinter feed
1
Deposits Nos. 1, 2 & 3
Deposit No. 3
Deposit No. 2
Deposit No. 1
Mary River Project
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Lupin
Jericho
Boston
Snap Lake Mine
George Lake
Meliadine
Diavik MineEkati Mine
Kubaka
Rankin Inlet
Fort Knox Mine
Oktybar(Norlisk)
Nanisivik
MeadowbankCullaton Lake
Ulu
Cambridge Bay
Polaris
Iqaluit
Black Angel
Kittila
Kupol
Julietta
Red Dog Mine
Raglan Mine
Voisey's Bay
Spitsbergen Coal Mines
Project Location and Arctic Operations
• Arctic mining
proven through
success of many
other operations
• Railroads over
permafrost have
been built
• Ice-strengthened
bulk carriers have
been operated for
decades by Fednav
(MV Arctic and
Umiak 1)
NorthPole
Mary River
ArcticCircle
Mary River Project
� Four year construction Project
� An open pit mine with mine life of 25 years
� A 150 km railway from mine to Steensby port
� Construction of a deep sea port capable of
accepting vessels year round
Mining Rail Transport Ship Transport
Key Statistics – Material MinedKey Statistic Units Value At Startup
Value at 30 Mtpa
Mining Rate
Mine Life Years 25
Material Mined (Average Annual) Wet Metric Tonnes 62 million 120 million
Material Mined (LoM) Wet Metric Tonnes 2,861 million
Ore Mined (Average Annual) Wet Metric Tonnes 18 million 30 million
Ore Mined (LoM) Wet Metric Tonnes 693 million
Stripping Ratio Waste Tonnes / Ore
Tonnes2.4 3.1
Moisture Content % 2.0% 2.0%
Average Ore Grade % 65.4% 65.0%
Key Statistics – Equipment/Consumables
Key Statistic Units Value At StartupValue at 30 Mtpa
Mining Rate
Haul Trucks 320 Tonne Capacity 23 30
Annual Explosives Consumed Tonnes 25,000 48,000
Ice Cape Vessels 190,000 Tonne Capacity 8 13
Shipping Ships Loaded at Port 98 159
Rail Rolling Stock4400 HP loco, 104 tonne
capacity wagon
11 locos,
496 wagons
20 locos,
810 wagons
Accommodations Capacity Rooms600
(MR-350/SP-250)
785
(MR-510/SP-275)
Installed Power MW50
(MR-22/SP-28)
50
(MR-22/SP-28)
Annual Fuel Consumed Litres 90 million 160 million
Mary River Rail Construction
Ravin River Bridge
20
Steensby Port Site Schematic
Steensby Port Location
2
Port Construction
Project Shipping
2
Shipping Route
• Ice-strengthened ore carriers have been proven cost effective and reliable
for well over 20 years at Arctic mines including Polaris, Nanisivik, Raglan
and Voisey’s Bay
Steensby – Rotterdam: 3,100 nautical milesBrazil – Rotterdam: 5,000 nautical miles
Steensby Inlet
Raglan
Voisey’s Bay
Greenland
Quebec
Nunavut
Nanisivik
Rotterdam
Mine Site
Polaris Mine
Steensby Inlet Shipping Route
2
Northern Foxe Basin
Middle of Foxe Basin
Photos taken in February 2007
Steensby Inlet Shipping Route
2
WesternHudson Strait
EasternHudson Strait
Photos taken in February 2007
Ship Design
Current Design MV ArcticCapacity
LengthWidthDraft
Horsepower
185,000 DWT
330m52m20m
90,000
28,400 DWT
220m23m
11.5m
14,500
Umiak 1 – Ice Breaker
Umiak 1 – Ice Breaker
What the Project means Local Population
The timely development of the Mary
River Project will generate:
� A comprehensive Inuit Impact and Benefits
Agreement securing benefits for Inuit
� Significant training, employment, and
business opportunities for Inuit
� Potential large scale regional economic
development helping to promote social,
political and economic growth for Nunavut
� Royalty and tax revenues
� Achievement of objectives outlined in the
Nunavut Land Claims Agreement
Benefits to Canada:
• Mary River is the largest mining project in development in Canada and one
of the largest iron ore developments in the world.
• The project will:
1) provide substantial long term economic benefits to Canada, particularly to the
territory of Nunavut and especially for aboriginal people;
2) generate significant numbers of jobs and benefits to Canadian businesses; and
3) generate revenues to federal, territorial and provincial treasuries, particularly
lessening Nunavut’s dependency on Ottawa.
• Potential to generate increased infrastructure development in the North and
provide significant investment opportunities for stakeholders.
• Development of the project will enhance Canada's reputation for practical
environmental management of inevitable industrial development in the North.
• Provide +100,000 PYs direct, indirect, and induced employment across
Canada.
• Demonstrate Canadian sovereignty in the Arctic.
32
Developing New Frontiers
• Accomplishments:• Completed Advanced Feasibility Study
• Significant Advancement in Permitting Process
• Significant Improvement in Aboriginal Relations
• Advanced Shipping Solution with Shipyards
• Marketing Plan defined
• Initiated Project Financing Process
• Built World Class Project Team
• What Remains:• Build/Develop
• Operate
• Expand with Opportunities
33
“This Project represents an unprecedented development for Nunavut
and for Canada in many respects—the development of a Railway in
arctic conditions, conducting year round shipping with purpose-built
ice-breaking ore carriers that are considerably larger than any other
ships that have travelled in Nunavut waters, a projected mine life
greater than 20 years and the potential for billions of dollars in
benefits and revenues to be shared by the federal and territorial
governments and the land and mineral owners, the Qikiqtani Inuit
Association and Nunavut Tunngavik Inc.”
Executive Summary, Nunavut Impact Review Board Report, September 2012
Climate in the ArcticLand of Unique
Beauty
…but Challenging Logistics
Thank you