The current mining contract, previously due to be completed in 2017, will be extended through to 2022, and is valued at more than A$520 million (US$360 million).

Under the contract, BGC Contracting will continue to provide the full range of mining services, including drilling, blasting, loading, hauling, dumping, crushing, screening and train load-out.

BGC Contracting chief executive Greg Heylen said the contract extension was recognition of the Koolyanobbing team's ability to meet Cliffs' safety and production targets during a challenging period.

He added: "This has been a tough period as the iron ore price has fallen, and I believe that by maintaining strong relationships with Cliffs at all levels of our organisation, we have helped them succeed at Koolyanobbing in what has been a difficult market for all iron ore miners."

The Koolyanobbing project is located in the Yilgarn region, 400km north-east of Perth, and provides lump and fine products internationally to the world's steel markets.

BGC Contracting has had a long-standing relationship with the project since April 2004, initially delivering off-road haulage services before expanding its involvement to include contract mining operations in 2007.