ArcelorMittal acquires Brazilian iron ore miner London Mining Brasil

ArcelorMittal today announces that it has agreed to acquire 100% of the issued share capital of London Mining South America Limited from Oslo listed London Mining plc for approximately US$764 million. The transaction also includes the assignment of inter-group loans from London Mining of approximately US$46 million. The total consideration payable to London Mining will amount to approximately US$810 million. London Mining Brasil is an iron ore miner located in the Iron Quadrangle in the state of Minas Gerais approximately 65 km from the city of Belo Horizonte, Brazil. Its principal activities are focused on the exploration, development and production of iron ore resources in the region.London Mining Brasil's Central, Eastern and Western Claims contain an estimated 1 059 million t of measured, indicated and inferred iron ore resources.

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