Fortescue Metals Group believes its new Solomon mining and processing hub has an extra decade of mine life, according to documents filed with regulators on Tuesday.
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Barely four months after work to create the new low-cost hub was completed, the iron ore miner has sought permission to expand the Solomon precinct by mine an extra 11,322 hectares.
The Solomon Hub is west of Fortescue's original mines in the Chichester Ranges, and has been a key part of the company's campaign to survive declines in the iron ore price by reduce its average production costs.
In documents submitted to the federal environment department, Fortescue said it hoped to mine there until at least 2046.
''The original project was initially planned to operate for approximately 20 years. However, Fortescue has re-evaluated the economic model of the project utilising updated geological information and the proposed action is for approximately 30 years commencing July 2016,'' said the miner.
Fortescue said there would be no specific construction period.
Fortescue shares closed 4¢ higher at $4.61 on Tuesday.
