Mining company Magnetite Mines has secured major project status from the Australian government for its flagship Razorback iron-ore project in South Australia.

The designation, awarded by Federal Industry and Innovation Minister Tom Ayres, took effect on February 11, and will remain in place for three years. Razorback is now one of only 27 projects nationwide to actively hold major project status and is currently the only iron-ore project in Australia on the federal major projects list.

The designation recognition reflects Razorback’s scale and national significance, including its estimated potential to contribute A$1.15-billion a year to the Australian economy once in production. 

"Today, Magnetite Mines is the only iron-ore project proponent in Australia to hold major project status, with Razorback becoming only the fourth South Australian major project currently recognised by the Australian government," noted MD Tim Dobson.

“With a 3.8-billion-tonne resource capable of supporting multi-decade production, Razorback is set to deliver substantial economic and social benefits to South Australia’s Mid-North and Upper Spencer Gulf regions. Given the scale of the project, the pathway to production has regulatory complexity that includes environmental, native title and potential foreign investment approvals. Major project status unlocks dedicated federal government support to help navigate these processes efficiently and in a timely manner, creating further value and reducing investment risk as we advance this transformational magnetite development.”

To qualify for major project status, Magnetite Mines demonstrated that Razorback meets criteria including strategic significance to Australia, contribution to economic growth and exports, and major benefits to regional communities. Projects must also face complex federal approvals, be commercially viable and have the resources to progress through regulatory processes.

The designation is expected to assist with priority approvals in 2026, including those under the Environment Protection and Biodiversity Conservation Act for mining and water supply infrastructure, native title agreements and potential foreign investment approvals.

Magnetite Mines has also started engagement with the Department of Industry, Science and Resources’ Future Made in Australia implementation branch to prepare an Australian Industry Participation Plan under the Australian Jobs Act, outlining opportunities for domestic suppliers and service providers.