Moly Mines Ltd., seeking to build a A$1.1 billion ($1 billion) mine in Australia, increased reserves of molybdenum and copper at the project by 43 percent, extending the operating life of the mine.

The reserve is now 451 million metric tons of ore at 0.05 percent molybdenum and 0.08 percent copper, Perth-based Moly said today in a statement to the Australian stock exchange. The new reserve may allow the mine to operate beyond thirty years and support expanded output, it said.