Fortescue Metals Group Limited (ASX:FMG) and its equal joint venture partner BC Iron Limited (ASX:BCI) have extended the life of the Nullagine iron ore mine in the Pilbara region Western Australia.
The miners announced the life of the mine has now been extended by 1.5 years at the end of last week, following an increase to the mineral resource at the end of last month.
BC Iron’s managing director Mike Young says the company expects to have a complete assessment of every tonne of extractable ore at Nullagine within the next financial year.
Nullagine's ore reserve is now 42.4 million metric tons, which includes the Bonnie East deposit's maiden assessment of 7.7 million tonnes.
Fortescue Metals posted a net profit of $789 million in the first half of its 2012 financial year.
