Do you have a source for this?
Also, even if this film was extended to three hours with more footage I still don't think it would save this film. It's terribly written. If anything, by making it longer it'll only serve to highlight that even more.
EDIT: Two hour runtime doesn't mean you'll get a bigger audience. The biggest film released this year was 2 and a half hours long.
http://www.youtube.com/watch?v=5OJQBLCRWJs&feature=youtu.be&t=2m26s
Charlize mentions here that there is a scene between Vickers and Janek after she has just killed Holloway. Seems to be a sort of moody scene. It is one thing that people moaned about (that she just murders Holloway and then nothing more is said of it)... so from that perspective it is surely a good thing.
And Guy Pearce mentions that basically all of his scenes were cut. He reckons there is about 20 minutes of footage of himself that is missing...
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