Magnetite Mines has confirmed that its flagship Razorback Iron Ore Project in South Australia has been awarded Major Project Status (MPS) by the Australian Government, a designation recognising the development’s national economic and strategic significance.
The announcement, effective from 11 February 2026, places Razorback among just 27 projects across Australia currently holding MPS.
Magnetite Mines managing director Tim Dobson said the recognition underscores Razorback’s role as a “lighthouse development” for South Australia’s transition toward a decarbonised steel supply chain.
“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 MPS, with Razorback becoming only the fourth South Australian major project currently recognised by the Australian Government.”
The Federal Government’s Major Projects Facilitation Agency will act as the key liaison point, to help the company navigate complex approval pathways related to environmental, native title, and foreign investment requirements. Designation of MPS also positions Razorback to potentially attract coordinated support from AusIndustry and Austrade, boosting engagement with state entities and improving investor confidence.
Dobson said with a resource of approximately 3.8 billion tonnes, the project is set to deliver substantial economic and social benefits to South Australia’s Mid-North and Upper Spencer Gulf regions.
“MPS unlocks dedicated Federal Government support, which will create further value and reduce investment risks as we advance this transformational magnetite development,” he said.
Analysts estimate Razorback could contribute around A$1.15 billion annually to the Australian economy once in production. The MPS award follows recent policy shifts aimed at strengthening Australia’s industrial base through the Powering Australia Plan and the Federal Government’s “Future Made in Australia” priorities.
With the status now confirmed for three years, Magnetite Mines is advancing regulatory, technical and stakeholder engagement work ahead of key development milestones later in 2026.