Americas Iron Ore

Conference Rio de Janeiro, Brazil – November 2014

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About Baffinland

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ArcelorMittal in Canada

• Investing in new Canadian iron ore mining capacity.

• Now the fastest growing Canadian mine operator, and one of

Canada’s leading mining companies.

• Substantial foreign investment in Canada.

• Acquired Dofasco in 2007, including Quebec Cartier Mines.

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Baffinland Investment

• Owned 50% by ArcelorMittal and 50% by Iron Ore Holdings

LP (private equity firm).

• ArcelorMittal assumed ownership of Baffinland Iron Mines

on March 1, 2011.

• Focused exclusively on the exploration and development of

our Mary River Iron Ore Project.

• A Canadian company with Canadian leadership and backed

by its owners.

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Mary River Project

Mary River: Facts

• Discovered in 1962; but for a long time was seen only as a

potential ‘some day’ development.

• Located at Mary River, North Baffin Island, 1,000 km north of

Iqaluit, 160 km south of Pond Inlet.

• Consists of high grade 65+% iron lump and fine iron ore.

• Best undeveloped iron ore deposit currently in the world.

• Drill, blast, crush, stockpile, ship – proven technology.

• No processing – no tailings.

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Visual Reference

Mary River Site

Milne Inlet Port

Nuuk

Toronto

Houston

London

Rotterdam

Baffin Island

Bylot Island

Steensby Inlet Port Site

Iqaluit

Montreal

Air Charter Services Iron Ore Shipments

Cargo/Fuel Sea Lifts

Legend ------ Air Charter Services ------ Cargo/Fuel Sea Lifts ------ Iron Ore Shipments

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Project Location and Arctic Operations

Lupin

Jericho

Boston

Snap Lake Mine

George Lake

Meliadine

Diavik MineEkati Mine

Kubaka

Rankin Inlet

Fort Knox Mine

Oktybar(Norlisk)

Nanisivik

Meadowbank

Cullaton Lake

Ulu

Cambridge Bay

Polaris

Iqaluit

Black Angel

Kittila

Kupol

Julietta

Red Dog Mine

Raglan Mine

Voisey's Bay

Spitsbergen Coal Mines

North

Pole

Mary River

Arctic

Circle

2,500 metre strike length

Open Pit

Height is approximately 500 metres to top of peak

Deposit No. 1 - Looking West

Deposit Nos. 1, 2 & 3

Deposit No. 3

Deposit No. 2

Deposit No. 1

Six additional Deposit Nos. 4 through 9 and additional High Grade (60+% Fe) mineralised occurrences have been identified throughout North Baffin Island

Confidential

Benefits to Canada:

• Mary River is the largest mining project in development in Canada and one

of the largest undeveloped iron ore projects 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.

• Demonstrate Canadian sovereignty in the Arctic.

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What the Project Means…

For Nunavut, the timely development of the Mary River Project will generate:

Significant training, employment, and business opportunities for Inuit;

A comprehensive IIBA – to secure long term benefits for Inuit;

Potential large scale regional economic development helping to promote social, political, and economic growth for Nunavut;

Royalty and tax revenues; and

The benefits of meeting the objectives outlined in the Nunavut Land Claims Agreement.

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The Target Development

• 18-30 Million tonnes per year high grade direct ship ore

• Rail from Mine to Port

• Shiploading facilities to load Cape size vessel

• Fleet of 8-10 Cape sized ice breaking ore carriers

• US$5 Billion capital investment required

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Market Perceived Risk

• Ability to Permit

• Ability to gain social licence to operate

• Ability to execute in Arctic environment

• Logistics

• Construct

• Operational

• Technical

• Ability to ship through ice

• Market response to product (premium direct ship ore)

• Early Revenue Phase Project devised in 2012 to address

these risk elements

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• Brought on by challenging economic times

• Many large global mining projects cancelled, delayed or

scaled back

• Enables an early mining phase that requires less capital

investment

• Will create training, business opportunities, revenue and

long term employment, sooner than the Rail Phase

• Provides a more manageable Project start

Phased Approach – Early Revenue Phase

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Mining

Crushing

Shipping

From Pit to Port

Use mobile equipment to crush to 28mm.

Simple crushing and screening operation. Trucking DSO to Milne port.

Stockpile ore at Milne Inlet and ship during open water season.

Open pit mining from Deposit 1 starting in 2014 and commercial production in 2015.

Trucking

The high quality of the resource allows for a very simple operation

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Phased Development

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Phase 1 capable of producing and transporting at the rate of 3.5 Mt/y and, in particular, shiploading the full 3.5 Mt over the 65-85 day open-water season

Phase 2 designed to optimize Phase 1 infrastructure and increase total capacity through increasing:

Camps, power plants and other basic infrastructure

Mining equipment (loaders, crushers, dozers)

Road haul equipment (road tractor and trailer pairs)

Stockpile size and reclaim/shiploader systems

Open water shipping to increase

Shipments in ice months to be done through use of “Polar Class” 90,000 t ships

Trans-shipment at Nuuk to maximize “Polar Class” vessel ice utilization

Phase 1 Overview – Construction Progress

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Mary River Site – September 5, 2014

Runway – operational with 737 combi-jets

Camps, fuel storage – operational Power plants, waste – operational Warehouse, ER - operational Maintenance – under construction

Haul from mine face - operational

Crusher system - operational

Mine haul road

Phase 1 Overview – Construction Progress

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Milne Inlet Site – September 5, 2014

Milne port site complex

“First” ore on Milne stockpile – September 8, 2014

Dock piles being punched (Sep 8th)

Reclaim system installation (Sep 8th)

Phase 1 Overview – Construction Progress

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Haul Road – September 5, 2014

Road straightening and upgrading - ongoing

Bridges - operational

Grade reduction – ongoing

“First” ore transport on tote road, September 8, 2014

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Construction Area - Milne Inlet

General Arrangement of Site (Sept. 26, 2014) 23

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Shiploader Instllation

Mary River Camp near the base of Deposit #1 (March 2014)

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500,000L Diesel Tank Arriving at the Mine Site

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Placing Cummins Workshop Sea Can - Mine Site

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ERT Building – Mine Site

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Batch Plant Building

Tote Road Upgrades 30

Road: Mine to Port 100 km

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The access to the Mary River site is by ship during open water….

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….and aircraft year round.

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Runway at Mary River, Fall 2013

Market Perceived Risk • Ability to Permit = Permit received (June 2014)

• Ability to gain social licence to operate = Local agreements in

place (September 2013)

• Ability to execute in Arctic environment • Logistics – All equipment and material delivered to Site

• Construct – Phase 1 Construction 95% complete on budget, ahead

of schedule

• Operational – Mining stockpiling started (September 2014)

• Ability to ship through ice – currently in place elsewhere

• Market response to product (premium direct ship ore) – First

ore to market H2-2015

• Early Revenue Phase Project has addressed risk element,

giving confidence for further investment/exposure

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Mary River iron ore is the best undeveloped resource in the world, which ensures a high quality product and low operating cost • The best undeveloped iron ore project in the world

• The highest grade in the world ensures low operating cost

• Phased development strategy critical to prudent, reduced risk

development

• With completion of Early Revenue Phase in next 12 months, sight

set for expansion development

• Partners have contributed large equity upfront – ERP fully financed

• This project is a formative event for high arctic development –

largest in the world – and will establish Canadian presence and

sovereignty in arctic shipping lanes

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Climate in the Arctic

Land of Unique Beauty

…but Challenging

Logistics

Thank you