Magnetite Mines Ltd (ASX:MGT) has secured a significant boost for its flagship Razorback Iron Ore Project in South Australia, with the Australian Government awarding the development Major Project Status (MPS).
The designation, effective from February 11, 2026, for a three-year period, places Razorback among just 27 projects nationwide to actively hold Major Project Status — and makes it the only iron ore project currently on the federal Major Projects list.
Managing director Tim Dobson said the recognition underscored Razorback’s scale and national importance.
“We are proud to receive the Australian Government’s recognition of the national significance of our Razorback Iron Ore Project,” Dobson said.
“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.
“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.”
National significance and economic impact
The MPS award reflects the project’s potential contribution to the Australian economy, which Magnetite Mines estimates at around $1.15 billion annually once in production.
Under the federal program, Major Project Status is granted to developments deemed nationally significant for economic growth, employment and regional development, and which require support to navigate complex regulatory approvals.
Razorback qualified by demonstrating alignment with federal priorities including the Powering Australia Plan, the Future Made in Australia agenda and green iron initiatives. The project is being designed to produce high-purity magnetite concentrates suitable for Direct Reduction (DR) processes, positioning it as a potential cornerstone supplier to a future green iron industry in South Australia.
Magnetite Mines holds a 100%-owned mineral resource of 6.6 billion tonnes in the Braemar Iron Region, with Razorback representing its advanced development focus.
Streamlined federal approvals pathway
A key benefit of Major Project Status is enhanced support from the Major Projects Facilitation Agency (MPFA), part of the Department of Industry, Science and Resources. The MPFA acts as a single point of contact for proponents navigating federal approval processes.
For Razorback, priority areas of support in 2026 are expected to include approvals under the Environment Protection and Biodiversity Conservation Act 1999 for both mining and water supply developments, native title agreement making and potential foreign investment approvals.
Dobson noted that the pathway to production involves regulatory complexity across environmental, native title and investment frameworks.
“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,” he said.
The designation may also facilitate assistance from AusIndustry and the Australian Trade and Investment Commission, as well as coordination with state government agencies.
Investor certainty and local industry participation
Magnetite Mines said the MPS designation would help de-risk the development pathway and increase certainty for potential investors as feasibility studies and approvals programs advance.
The company has also commenced engagement with the Department of Industry, Science and Resources’ Future Made in Australia implementation branch to prepare an Australian Industry Participation (AIP) Plan under the Australian Jobs Act 2013. The plan will outline opportunities for Australian suppliers and service providers to maximise local participation and economic benefits.
Previously, Magnetite Mines had assessed that Razorback might not qualify for federal MPS. However, strengthening alignment with evolving national industrial priorities and greater clarity around federal permitting requirements have led to confirmation of the project’s eligibility.
With a large-scale magnetite resource base and ambitions to supply premium-grade feedstock into a decarbonising global steel industry, Razorback’s elevation to Major Project Status signals formal federal backing as the company works to progress studies, approvals and development planning over the next three years.