ArcelorMittal has agreed to purchase Baffinland for USD 431 million in order to ensure iron ore supply and decrease dependence on Vale, Rio Tinto and BHP Billiton. Baffinland currently contains 365 million nt of iron ore. ArcelorMittal will acquire all of the company’s issued and outstanding common shares as well as all outstanding common share purchase warrants governed by the warrant indenture. A Canadian mining company, Baffinland focused on the discovery and development of iron ore deposits on its wholly owned Mary River property. This property contains 365 million tons of confirmed and potential reserves grading 64.7% iron. Mary River also holds an additional 500 million tons of other resources including 52 million tons of measured and indicated resource grading 64.6% iron and 448 million tons of inferred resource grading 65.5% iron. ArcelorMittal already has an iron ore presence in Canada via ArcelorMittal Mines Canada.