Mineral extraction is an important operation for the economy of different countries and generates millions of tons of mining waste. In this context, and in association with the high demand for paving aggregates and the lack of raw materials for this purpose, the feasibility of using iron ore processing waste has emerged as a promising alternative. This study evaluates the physical and mechanical behavior of asphalt mixtures incorporating waste from the company Samarco S.A., collected in Mariana-MG, to replace the fine aggregate in asphalt concrete mixtures, with a view to applications in the bearing layer of local traffic roads. Two mixtures, M2 and M3, containing 20% and 17% waste, respectively, were formulated and analyzed, compared to a reference mixture, M1. Evaluations were carried out using the Marshall method parameters, mechanical tests of resilience modulus, and fatigue life under controlled tension, as well as mechanistic analysis. Brazilian mechanistic–empirical design software (MeDiNa—v 1.5.0) contributed to this analysis. This analysis revealed that, for a traffic level of N = 5 × 106 (average traffic) on a local road, pavements containing the M1 and M3 mixtures had the same layer thicknesses (6.9 cm), as well as the same fatigue class, equal to 1. The pavement with the M2 mixture had the thickest asphalt layer (8.2 cm) and a lower fatigue class equal to 0. But if compared in terms of the percentage of cracked area over 10 years, it still offers ideal performance conditions compared to the M1 and M3 mixes. Thus, it can be considered feasible to replace fine aggregate with iron ore waste in asphalt concrete for use on local roads in the region without altering the bearing capacity of the pavement.