Central Eyre is the only project in South Australia to hold major project facilitation status, with the development meeting key eligibility criteria including economic growth, exports, employment and infrastructure development.

The status is valid until the end of 2016, and will create a coordinated approach to federal and state government processes so they occur simultaneously as much as possible.

The status also provides a single point of contact in the federal government to resolve issues and identify access to government programs.

“We’re delighted to have received this important recognition from the federal government, which is in addition to the major development status declared by the SA government in August 2013,” Iron Road managing director Andrew Stocks said.

“We are also encouraged by the strong bipartisan political support we have received to develop the Central Eyre Iron project.”

Iron Road released the definitive feasibility study for the project in February, which outlined an initial 25-year mine life producing 21.5 million tonnes per annum of iron concentrate.

The company is aiming to receive a premium price on the product due to its higher level of purity compared to direct shipping alternatives.

The DFS also confirmed the project had the potential to generate annual revenues of $US2.8 billion ($A3 billion), provide 1950 jobs during construction and long-term positions for 700 people.

The development includes construction of a rail line and port at Cape Hardy, where almost 50Mt of capacity has been identified for third-party users.

If it goes ahead the proposed port will be the only capesize-ready terminal in South Australia.

“As part of the DFS, we identified a significant opportunity for third parties through our proposed Cape Hardy port; there is also the potential to connect the Iron Road rail system to the national network, further opening up an export solution for a far greater region,” Stocks said.

“Financing and partnership discussions are advancing well as we progress towards construction and ultimately production.”

The company said it was aiming to start construction during 2015, with initial production by 2018.

Iron Road shares were last trading 8% higher at A33.5c.