ArcelorMittal in Acquisition of 56.5% Interest in 935 Million Tonne Guinean Iron Ore Project

Cleary Gottlieb represented ArcelorMittal in connection with the signing of sale and purchase agreements to acquire a 56.5% interest in Euronimba Limited, comprised of a 43.5% interest from Billiton Guinea and a 13.0% interest from Compagnie Française des Mines et Métaux on July 29. Closing is subject to certain conditions, including merger control clearance and certain approvals of the Government of Guinea. After closing, Euronimba will be operated by ArcelorMittal and the remaining minority shareholder, Newmont LaSource. As part of the transaction, ArcelorMittal has granted Newmont a limited duration option which, if exercised, would result in Newmont and ArcelorMittal owning equal stakes in Euronimba.

Euronimba holds a 95% indirect interest in the Mount Nimba iron ore project in Guinea, near the border with Liberia and approximately 40 kilometers from ArcelorMittal Liberia’s mine and infrastructure operations. The project comprises a 935 million tonne direct shipped ore resource with an average grade of 63.1% Fe. Previously the project has not been commercially exploited due to the remoteness of the project from Guinean rail links.