The government has also said it supports introducing a new mining code, but previous attempts to introduce new legislation have been stalled for several years due to political and industry resistance.
Australia's EPA has sanctioned a three-fold expansion of Fortescue Metals Group's (ASX:FMG) Solomon Hub, which could sustain production for another 35 years.
The fresh gains are partly down to strength in Chinese steel prices following further production cuts in the Northern China city of Tangshan, analysts say.