The Razorback iron ore project in South Australia has been given major project status by the Federal Government, reflecting its more than $1 billion potential economic contribution. 

Operated by Magnetite Mines, Razorback is now the only iron ore project in the country on the federal government’s major projects list. 

Effective for three years, the status was awarded earlier in February and is said to be underpinned by “strong alignment with the strategic priorities” of the government, including the Powering Australian plan and Green Iron program. 

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,” Magnetite Mines managing director Tim Dobson said. 

“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,” Dobson said.

The award of major project status to the Razorback Project enables increased support and facilitation by the Major Projects Facilitation Agency (MPFA), part of the Department of Industry, Science and Resources (DISR).

The MPFA is the first point of contact for proponents who are navigating the Australian Government approval processes for major projects.

Magnetite Mines said the Razorback project is being designed to deliver high-purity iron ore feedstocks as the key raw material for a new green iron industry envisaged for South Australia. 

In turn, this will help support the industrial decarbonisation objectives of both Australia and its trading partners. 

Razorback is believed to have a potential economic contribution of $1.15 billion for South Australia, with over 400 permanent jobs being created and $5.4 billion in contributions to both federal and state revenues over the project’s 30-year mine life.

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